Dubai’s OMNIYAT raises $500mn in inaugural green sukuk

Proceeds will be allocated under OMNIYAT’s Green Financing Framework to support environmentally sustainable development projects. The framework aligns with the International Capital Market Association’s Green Bond Principles (2021), ensuring transparency and adherence to global standards.

“Our debut… underscores our commitment to sustainability, prudent capital management, and delivering long-term value to our stakeholders. The overwhelming investor interest validates confidence in our strategy, brand strength, and the fundamentals of the Dubai ultra-luxury real estate market. We are deeply grateful to our banking partners for their instrumental role in delivering such a successful outcome, said Founder and Executive Chairman Mahdi Amjad.

“As we look to the future, sustainability sits at the core of our development philosophy. This green financing instrument aligns with this vision by supporting high-performance, environmentally efficient projects across our portfolio.”

The issuance follows OMNIYAT’s recent credit ratings of ‘BB-’ with a stable outlook from both S&P Global and Fitch Ratings. The company is known for high-end developments in Dubai’s prime locations, including Palm Jumeirah and Business Bay.

Abu Dhabi Commercial Bank, Citi, Dubai Islamic Bank, Emirates NBD Capital, J.P. Morgan, Mashreq and Standard Chartered acted as joint global coordinators. They were joined by nine other banks as joint lead managers and bookrunners.