Dubai-based real estate developer Omniyat Holdings has priced its USD 600 million five-year benchmark sukuk at par with a 7.25% coupon per annum, payable semi-annually in arrears. The price was tightened from IPTs (Insurance Premium Taxes) in the 7.625% area.
According to a Zawya report, the Ijara / Murabaha Islamic bond carries a yield of 7.25% with the spread to benchmark set at plus 363bps over United States Treasuries. At launch, the order book rose to USD 1.8 billion, excluding JLM interest (demand for a financial security like a bond that comes from the Joint Lead Managers), before settling at USD 1.5 billion, with no hedges.
“Omniyat Sukuk 1 Limited is listed as the issuer, with parent company Omniyat Holdings Ltd named as the obligor. The issuance has an expected rating of BB- by S&P / BB- by Fitch, in line with the obligor’s own rating. The Regulation S senior unsecured sukuk comes under Omniyat’s USD 2 billion Trust Certificate Issuance Programme and will list on the London Stock Exchange’s International Securities Market and Nasdaq Dubai,” the report stated.
Abu Dhabi Commercial Bank, Citi, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, JP Morgan, Mashreq and Standard Chartered Bank are joint global coordinators on the sukuk, while Ajman Bank, Arab African International Bank, Arab Bank, Bank of Sharjah, RAKBANK and Sharjah Islamic Bank have taken over as joint lead managers and joint bookrunners.
In 2025, Omniyat Holdings raised USD 900 million through two separate Islamic bond offerings, including its inaugural green sukuk issuance in April that year, which witnessed the company raising USD 500 million. In September, that was followed by a USD 400 million issuance.
Omniyat is the latest UAE real estate developer to issue debt in recent weeks. Binghatti Holding priced a five-year USD 500 million benchmark sukuk in February 2026, preceded by Damac Properties’ USD 600 million debt raise in January of this year. The latest step of issuing five-year benchmark sukuk comes against the backdrop of the group delivering exceptional financial performance in 2025.
While total sales in the year across the Group stood at AED 20 billion (USD 5.4 billion), overall revenue flow increased by 150% to reach a record AED 4.1 billion, driven by strong demand for residential and commercial ultra-luxury real estate, along with the positive construction progress of the company’s launched projects. Gross profit increased by 169% to AED 2.1 billion, while net profit reached AED 1.2 billion, reflecting strong demand across the portfolio, robust development activity, and a continued focus on capital discipline.