Dubai-based luxury developer OMNIYAT has made its debut in the international capital markets with the successful listing of a $500 million green sukuk on Nasdaq Dubai.
The three-year issuance, priced at a profit rate of 8.375 per cent, attracted robust demand from regional and international investors, with the order book oversubscribed 3.6 times and peaking at $1.8 billion. This inaugural sukuk marks a significant step in OMNIYAT’s long-term strategy to align profitability with sustainable development.
Proceeds from the sukuk will be allocated under OMNIYAT’s Green Financing Framework, which is aligned with the ICMA Green Bond Principles (2021), and will primarily support sustainable and environmentally responsible real estate investments.
“Today’s bell ringing marks more than just a financial milestone, it signals OMNIYAT’s long-term commitment to sustainable growth and responsible investment,” said Mahdi Amjad, Founder and Executive Chairman of OMNIYAT.
“The successful launch of this green sukuk reflects our belief that profitability and positive environmental impact are intertwined. The oversubscription and subsequent successful issuance is a testament to the growing appetite for investment vehicles that drive both economic growth and sustainable outcomes,” he added.
The sukuk carries a spread of 461.7 basis points over the three-year US Treasury yield as well as priced to carry a profit rate of 8.375 per cent and benefits from OMNIYAT’s recently assigned long-term credit ratings of ‘BB’ from both S&P Global and Fitch Ratings, each with a stable outlook.
OMNIYAT, known for developments such as One at Palm Jumeirah, The Opus by Zaha Hadid, and The Lana, continues to attract ultra-high-net-worth buyers from across the globe.
“We are proud to list our green sukuk on NASDAQ Dubai, a world-class international exchange that offers unparalleled visibility, transparency, and connectivity to global investors. We thank the NASDAQ Dubai team for their invaluable support throughout this journey. This platform provides the ideal infrastructure to facilitate seamless market access and supports our ambition to deepen engagement with both regional and international capital markets,” Amjad added.
The sukuk aims to be a part of the broader push by Gulf developers to tap sustainable finance as Environmental, Social and Governance (ESG) considerations gain momentum among global investors.
