Omniyat, a prominent ultra-luxury real estate developer in Dubai, has successfully priced a $400 million 3.5-year sukuk, marking its second issuance in under six months.
The sukuk will be listed on the London Stock Exchange’s International Securities Market and Nasdaq Dubai soon.
This sukuk attracted strong interest from both international and regional investors, with the orderbook exceeding $1 billion and closing at over $800 million, more than twice the issue size. The 7.25% profit rate indicates a tightening of 112.5 basis points compared to Omniyat’s earlier sukuk this year.
This issuance extends Omniyat’s debt maturity profile beyond its existing 2028 sukuk. In May, Omniyat raised $500 million through a 3-year green sukuk, marking its entry into the international debt capital markets. With this new sukuk, the company has raised $900 million in 2025.
Mahdi Amjad, founder and executive chairman at Omniyat, remarked: “Issuing a second sukuk within six months of our debut—and on improved terms—is a significant milestone for Omniyat. It reflects global investors’ confidence in our vision, discipline, and the ongoing strength of Dubai’s ultra-luxury real estate market. The strong demand and favorable pricing acknowledge our robust development program and growth path, enabling us to continue executing our strategy.”
The sukuk is rated ‘BB-‘ with a stable outlook by S&P and Fitch Ratings and was issued under Omniyat Sukuk 1 Limited’s $2 billion Trust Certificate Issuance Programme.
This deal follows strong strategic and operational momentum this year. In June, Omniyat launched Lumena, a 48-storey ultra-luxury commercial tower in the Burj Khalifa District, which sold out with a total transaction value of Dh3.4 billion, the highest to date in Business Bay. That same month, the company acquired Marasi Bay Island, further enhancing its master-planned waterfront ecosystem anchored by The Lana and VELA Viento.
Abu Dhabi Commercial Bank, Dubai Islamic Bank, Emirates NBD Capital, JP Morgan, Mashreq, and Standard Chartered Bank acted as joint global coordinators. Along with Arab African International Bank and Commercial Bank of Dubai, they were appointed joint lead managers and joint bookrunners for the issuance.
