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UAE’s Binghatti Holding Celebrates Debut of $500 Million Sukuk on London Stock Exchange

Binghatti Holding Limited is one of the UAE’s fastest-growing real estate development companies. Photo provided by the company
Binghatti Holding Limited is one of the UAE’s fastest-growing real estate development companies. Photo provided by the company
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UAE’s Binghatti Holding Celebrates Debut of $500 Million Sukuk on London Stock Exchange

Binghatti Holding Limited is one of the UAE’s fastest-growing real estate development companies. Photo provided by the company
Binghatti Holding Limited is one of the UAE’s fastest-growing real estate development companies. Photo provided by the company

A leading real estate developer in the United Arab Emirates has celebrated the debut of its $500 million 5-year Senior Unsecured Sukuk on the London Stock Exchange with a ceremonial bell-ringing event.

A statement released by Binghatti Holding Ltd on Wednesday said that the sukuk, issued under Binghatti’s $1.5 billion Trust Certificate Issuance Program, was oversubscribed five times, attracting over $2.5 billion in orders from a diverse pool of regional and global investors.

The issuance was priced with a profit rate of 8.125%. The company is rated BB- by Fitch and Ba3 by Moody’s, both with stable outlooks.

Founder Dr. Hussain BinGhatti, Chairman Muhammad BinGhatti and Chief Executive Officer Katralnada BinGhatti, accompanied by other senior executives and lead arrangers, rang the opening bell at the London Stock Exchange to celebrate the listing. The Sukuk will also be listed on Nasdaq Dubai.

Muhammad BinGhatti said that the listing of the sukuk on the London Stock Exchange is a clear signal of the company’s commitment to engaging proactively with global investors and operating at the highest standards of transparency and governance.

“The landmark sukuk issuance enjoyed strong international demand, allowing us to close the books ahead of schedule and reinforcing market confidence in our credit profile, operational resilience, and growth strategy,” he added.

The statement also quoted Katralnada BinGhatti as saying that Binghatti’s sukuk program reflects a commitment to diversifying the company’s funding base, extending its maturity profile, and efficiently deploying capital to capture emerging opportunities.

“With close to 50% of allocations going to non-GCC investors, we are pleased to see growing global recognition of Binghatti’s unique positioning in Dubai’s real estate sector,” she said.

The issuance and the strong demand come on the back of Binghatti Holding’s strong H1 2025 results. During the first half, the company’s net profit more than tripled to AED1.82 billion (around $495 million), driven by resilient demand for Dubai real estate.

The Group’s total sales reached AED8.8 billion, with revenue climbing 189% YoY to AED6.3 billion ($1.7 billion).

Binghatti Holding Limited is one of the UAE’s fastest-growing real estate development companies, with a rapidly expanding portfolio that spans over 80 projects valued at more than AED70 billion (around $19 billion).

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Business

Gold Prices Dip as Markets Brace for 'Hawkish' Fed Tone

UK gold bars and gold Sovereign coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola
UK gold bars and gold Sovereign coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola
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Gold Prices Dip as Markets Brace for 'Hawkish' Fed Tone

UK gold bars and gold Sovereign coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola
UK gold bars and gold Sovereign coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola

Gold edged down on Tuesday as investors, having mostly priced in a Federal Reserve rate cut, looked ahead for clues that the US central bank might opt for a gentler-than-expected easing cycle when its two-day policy meeting begins later in the day.

Spot gold was down 0.3% to $4,174.91 per ounce, as of 0609 GMT. US gold futures for December delivery slipped 0.4% to $4,202.70 per ounce.

Investors are largely repositioning ahead of the Federal Reserve's policy meeting, OANDA senior market analyst Kelvin Wong said.

"Earlier in the month, Jerome Powell signalled hawkish rate-cut guidance during his press conference. So investors in the US Treasury market are adjusting their positions."

The benchmark US 10-year Treasury yields held near a 2-1/2-month peak hit on Monday, Reuters reported.

Analysts widely expect a "hawkish cut" this week accompanied by guidance and forecasts that signal a high threshold for further easing into next year.

Last week, data showed the US Personal Consumption Expenditures (PCE) Price Index, the Fed's preferred inflation gauge, landed in line with expectations, while consumer sentiment improved in December.

Private payrolls for November recorded their sharpest drop in more than 2-1/2 years, but jobless claims fell to a three-year low for the week ended November 28.

Markets now assign an 89% probability of a quarter-point cut at the Fed's December 9–10 meeting, according to CME's FedWatch Tool.

Lower interest rates tend to favor non-yielding assets such as gold.

Meanwhile, silver fell 0.6% to $57.76 per ounce. The white metal hit a record high of $59.32 on Friday.

"Right now, silver is more of a higher-beta play among precious metals," Wong said, adding that low inventories, strong industrial demand, and expectations of Fed rate cuts are driving its momentum, pushing it into risk-on mode and outperforming gold.

Platinum lost 0.2% to $1,638.35, while palladium shed 0.4% to $1,459.78.

Business

Türkiye Cenbank Net Reserves Rose $5.5 billion Last Week, Bankers Say

Türkiye's Central Bank headquarters is seen in Ankara, Türkiye in this January 24, 2014 file photo. REUTERS/Umit Bektas
Türkiye's Central Bank headquarters is seen in Ankara, Türkiye in this January 24, 2014 file photo. REUTERS/Umit Bektas
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Türkiye Cenbank Net Reserves Rose $5.5 billion Last Week, Bankers Say

Türkiye's Central Bank headquarters is seen in Ankara, Türkiye in this January 24, 2014 file photo. REUTERS/Umit Bektas
Türkiye's Central Bank headquarters is seen in Ankara, Türkiye in this January 24, 2014 file photo. REUTERS/Umit Bektas

The Turkish Central Bank's net reserves increased by around $5.5 billion last week, due to foreign currency buying and rising gold prices, according to bankers.

Calculations by four bankers showed that net reserves rose to almost $78 billion in the week ending December 5, with net reserves excluding swaps rising some $4.5 billion to $62.5 billion, Reuters reported.

The bankers said the central bank bought more than $3 billion last week, with more than $1 billion of the increase due to the gold price change.

The bank's total gross reserves increased by $3.3 billion to $186.5 billion last week, the bankers said.

Their calculations were based on the central bank's preliminary data, with official data to be released on Thursday.

Business

Non-Oil Activities Account for Half of Saudi Economic Growth Momentum

Photo of the Saudi capital (SPA) 
Photo of the Saudi capital (SPA) 
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Non-Oil Activities Account for Half of Saudi Economic Growth Momentum

Photo of the Saudi capital (SPA) 
Photo of the Saudi capital (SPA) 

The Saudi economy posted real growth of 4.8% in the third quarter of 2025 compared with the same period of the previous year, reflecting the Kingdom’s sustained economic momentum. Non-oil activities were the primary engine of expansion, while seasonally adjusted real GDP rose 1.4% from the second quarter of 2025.

According to the final data released by the General Authority for Statistics (GASTAT), the annual growth figure came in slightly below the flash estimate published last October, which had projected a 5% increase. Even so, it remains the strongest quarterly performance recorded in 2025.

Non-oil activities delivered the largest contribution to overall annual growth, adding 2.4 percentage points, or 50% of the total 4.8% expansion. This outpaced the contribution from oil activities, which added 2.0 percentage points. The Authority revised its estimate for non-oil growth downward to 4.3% (from 4.5% in the flash estimate), while slightly raising its estimate for oil-sector growth to 8.3% (from 8.2%) for the previous quarter.

This improvement coincided with the gradual ramp-up in oil production following the expiration of voluntary cuts by the OPEC+ alliance at the end of August. Saudi Arabia increased its output by approximately 547,000 barrels per day starting in September, followed by an additional 137,000 barrels per day from November onward.

Both government activities and net taxes on products made modest positive contributions of 0.2 percentage points each.

On a quarterly, seasonally adjusted basis, oil and non-oil activities contributed 0.8 and 0.3 percentage points, respectively.

All economic sectors recorded positive annual growth. Oil refining emerged as the fastest-growing activity in the third quarter, rising 11.9% year-on-year and 3.9% quarter-on-quarter. It was followed by crude oil and natural gas activities, which grew 7.3% annually and 3.2% quarterly. Electricity, gas, and water services also posted gains of 6.4% year-on-year and 1.0% quarter-on-quarter.

From the expenditure perspective, performance varied between annual and quarterly comparisons. Final private consumption increased 2.6% year-on-year, but slipped 0.6% from the previous quarter. Conversely, final government consumption declined 3.1% annually, while increasing 1.4% quarter-on-quarter.

Gross fixed capital formation fell 0.7% year-on-year, but rebounded strongly on a quarterly basis with a 6.2% increase, indicating a pickup in investment spending during the third quarter.

Regarding foreign trade, the overall performance was buoyed by a significant surge in exports, which climbed 18.4% year-on-year and 7.5% quarter-on-quarter, reflecting strong external demand for Saudi products. Imports rose 4.3% annually, but edged down 1.2% on a quarterly basis.