Dubai developer Binghatti set to launch benchmark sukuk offering

Binghatti Holding, a Dubai-based property developer, is looking to raise $500 million from the sale of Sharia-compliant bonds as it aims to diversify is funding base.

The company is preparing for the “significant financial milestone” in the coming days, subject to market conditions, it said in a statement on Tuesday.

The debut US dollar-denominated three-year sukuk offering by Binghatti will be a benchmark size transaction, which usually refers to a bond sale worth at least $500 million.

“This initiative further solidifies the company’s commitment to exploring innovative avenues for…