Dubai-based ultra-luxury real estate developer Omniyat has successfully priced a USD 400 million 3.5-year Sukuk, marking its second issuance in less than six months. The move underscores robust investor confidence in the company’s financial profile and Dubai’s high-end property market.
The new Sukuk will be listed on both the London Stock Exchange’s International Securities Market and Nasdaq Dubai in the coming days. It attracted strong regional and international demand, with the orderbook closing at more than USD 800 million — over twice the issue size — after peaking above USD 1 billion.
The profit rate of 7.25% reflects a tightening of 112.5 basis points compared with Omniyat’s earlier Sukuk this year, signalling strong appetite among global investors. The deal was executed on an accelerated timeline and without pre-marketing, highlighting the company’s established investor relationships.
Mahdi Amjad, Founder and Executive Chairman of Omniyat, described the successful issuance as a milestone.
“Issuing a second Sukuk within just six months of our debut – and on even better terms – is a major step forward,” he said. “It shows the depth of confidence that global investors have in our vision, our discipline, and in the continued strength of Dubai’s ultra-luxury real estate market.”
Strengthened financial position
This transaction extends Omniyat’s debt maturity profile beyond its outstanding 2028 Sukuk, reinforcing what the company calls its prudent financial management strategy. Together with its earlier USD 500 million three-year green Sukuk raised in May, Omniyat has now secured USD 900 million in 2025 through international capital markets.
The Sukuk has been rated ‘BB-‘ with a stable outlook by both S&P and Fitch Ratings. It was issued under Omniyat Sukuk 1 Limited’s USD 2 billion Trust Certificate Issuance Programme.
Strong operational momentum
The latest financing follows a period of rapid expansion for the developer. In June, Omniyat launched Lumena, a 48-storey commercial tower in the Burj Khalifa District. The project, valued at AED 3.4 billion, sold out quickly, setting a record as the highest transaction value achieved in Dubai’s Business Bay.
The same month, the company announced its acquisition of Marasi Bay Island, a strategic addition to its growing master-planned waterfront ecosystem, which already includes flagship projects The Lana and VELA Viento.
Market observers note that the successful Sukuk issuance demonstrates Dubai’s ability to attract international capital, even as global markets face uncertainty. Demand for luxury real estate in the city has remained resilient, with Omniyat emerging as one of its leading players.
Global banking support
The transaction was arranged with the backing of a consortium of global and regional banks. Abu Dhabi Commercial Bank, Dubai Islamic Bank, Emirates NBD Capital, JP Morgan, Mashreq and Standard Chartered acted as Joint Global Coordinators. They were joined by Arab African International Bank and Commercial Bank of Dubai as Joint Lead Managers and Bookrunners.
With its latest Sukuk priced at improved terms, Omniyat is positioning itself for sustained growth in Dubai’s booming ultra-luxury property sector, leveraging both investor confidence and a pipeline of landmark developments.
