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Omniyat raises $500m to fund sustainable projects

By Pramod Kumar
A rendering of One at Palm Jumeirah. Omniyat's sukuk will be listed and traded in Dubai and London Omniyat
A rendering of One at Palm Jumeirah. Omniyat's sukuk will be listed and traded in Dubai and London

Dubai real estate developer Omniyat has raised $500 million to fund its sustainable developments.

The order book of the inaugural three-year green sukuk was oversubscribed 3.6 times, reaching $1.8 billion.

The sukuk will be listed and traded on Nasdaq Dubai and the London Stock Exchange’s international securities market. 

The pricing details were not given.

Sukuk are sharia-compliant investment certificates whereby investors receive periodic profit payments – similar to interest – from asset-backed income such as rent or business revenue and also receive the principal repaid at maturity. As such, sukuk are similar to conventional bonds.

The sukuk follows Omniyat’s BB- long-term credit rating assigned by S&P Global and a long-term issuer default rating of BB- by Fitch Ratings. Both rating agencies assigned stable outlook.  

Abu Dhabi Commercial Bank, Citi, Dubai Islamic Bank, Emirates NBD Capital, JP Morgan, Mashreq and Standard Chartered Bank acted as joint global coordinators.

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