Dubai’s Binghatti shelves IPO plan on strong balance sheet

• ‘Excellent’ cash flow
• $1.5bn sukuk issuance
• Listing remains under study

The chairman of Binghatti Holding has reportedly ruled out a public listing, given the Dubai-based developer’s strong balance sheet and available funding recourse.

Mohammed BinGhatti told Asharq Business that the company’s cash flow was “excellent”, with escrow accounts holding more than AED10 billion ($2.7 billion) and sukuk issuance raising $1.5 billion.

“The company’s financial position makes us see no need for an initial public offering at present,” he said, though the listing remains under study depending on market conditions.

Bloomberg reported in September that Binghatti was seeking banks to explore a potential listing on the local stock exchange.

BinGhatti said the sukuk proceeds are being used to acquire land across the Palm Jumeirah, Downtown and Al Jaddaf areas in Dubai.

“Dubai’s housing market has continued its strong recovery, despite tariff disruptions and regional geopolitical tensions,” he said.

The developer is also exploring opportunities in Abu Dhabi and London, but no more details were given.

• Binghatti’s $500m sukuk oversubscribed fivefold
• Binghatti revenue and profit grow with property demand
• Binghatti’s debut green sukuk order book hits $2bn

Binghatti Holding had 27 projects under development at the end of September, up from 21 at the end of 2024. 

Its portfolio includes more than 20,000 residential units and a sellable area of more than 17 million sq ft at a combined gross development value of AED44 billion.

In October it said that net profit for the first nine months of 2025 surged 145 percent year on year to AED2.7 billion ($735 million) as revenue more than doubled to nearly AED9 billion.