Omniyat Raises $900M in Sukuk, Betting Big on Dubai’s Luxurious Real Estate

UAE-based luxury developer Omniyat has managed to secure a hefty $900 million through Sukuk issuances this year, underscoring a clear appetite from global investors for the company’s ambitious projects. The most recent move was a $400 million, three-and-a-half-year Sukuk that landed just six months after its debut green Sukuk in May—worth $500 million. Not bad going for a firm that only made its entry into international debt markets this year.

The new paper, carrying a profit rate of 7.25%, will soon be listed on both the London Stock Exchange and Nasdaq Dubai. Investor interest was strong, with the orderbook swelling beyond $1 billion before closing over $800 million, more than twice the issue size. That said, what really stood out to me was the pricing—tightened by around 112.5 basis points compared to Omniyat’s earlier financing. Clearly, investors are feeling spot on about the developer’s direction.

Founder and Executive Chairman Mahdi Amjad described the transaction as proof of confidence in Omniyat’s discipline and in Dubai’s ultra-luxury real estate scene. Reading between the lines, it shows a strategic play: extending debt maturities beyond 2028 while giving the firm more breathing space for its expansion drive. I reckon that’s quite a savvy move, though it does place pressure on them to keep delivering those big-ticket developments.

And deliver they have. June saw Omniyat launch Lumena, a 48-storey commercial landmark in the Burj Khalifa District, which sold out and racked up AED 3.4 billion in transactions—the highest yet in Business Bay. In the same month, they snapped up Marasi Bay Island, expanding what they call a “waterfront ecosystem” anchored by their ultra-luxury developments The Lana and Vela Viento. For a developer, that’s like spinning several plates at once—exciting if it works, but a bit of a faff if market conditions wobble.

The Sukuk itself has been given a stable ‘BB-’ rating from both Fitch and S&P, issued under a $2 billion programme. For global investors, these ratings serve as a compass in an often volatile market. On the flip side, some might say luxury real estate in Dubai is already crowded. Yet demand, especially in prime districts, doesn’t look like it’s slowing—at least not for now.

At Arageek, we’ve watched enough MENA startups and property players to know that access to international capital markets can either turbocharge growth or weigh down future cashflow if not handled wisely. Omniyat appears to be leaning towards the first camp. When I once sat with a group of young founders in Dubai, the chat kept circling back to the same question: how do you access foreign capital without losing your footing at home? Omniyat’s latest manoeuvre offers part of the answer—secure investor trust, prove delivery, and keep the numbers stacking up.

So whilst the ink is still fresh on this Sukuk issuance, the real story will play out over the next few years. Will Omniyat’s big bets on ultra-luxury towers and waterfront spaces continue to pay off? Well… I mean, if the early demand is anything to go by, they’re definately riding a favourable tide.

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