**Dubai**: Omniyat Holdings launches its inaugural US dollar-denominated green sukuk, marking a strategic move into sustainable finance. The three-year sukuk aims to fund eco-friendly projects and attract global Sharia-compliant investors, supported by major regional banks amid the UAE’s growing green finance market.
Dubai-based luxury real estate developer Omniyat Holdings has taken a significant step into the sustainable finance market by initiating the issuance of its first US dollar-denominated green sukuk. This three-year fixed-rate senior unsecured sukuk, structured under Regulation S, is designed to attract global investors interested in Sharia-compliant green investment opportunities.
The company has appointed a consortium of international and regional banks to manage this debut green sukuk offering. The joint global coordinators for the transaction include Abu Dhabi Commercial Bank (ADCB), Citi, Emirates NBD Capital (ENBD Capital), JP Morgan, Mashreq, and Standard Chartered. Supporting this group as joint lead managers and bookrunners are Ajman Bank, Commercial Bank of Dubai, Dubai Islamic Bank, First Abu Dhabi Bank, Kamco Invest, RAKBANK, and Warba Bank. Investor engagement is expected to begin with scheduled investor calls on Thursday, ahead of the sukuk’s formal launch, which remains contingent on prevailing market conditions.
Omniyat, known for its portfolio of prestigious developments such as The Opus in Dubai’s Business Bay—designed by the renowned architect the late Zaha Hadid—plans to use the proceeds from this green sukuk to finance or refinance projects that meet environmental sustainability criteria. The move is part of a wider trend across the Gulf Cooperation Council (GCC) region, where issuers are increasingly turning to green finance instruments to support environmentally responsible initiatives.
The United Arab Emirates (UAE) has emerged as a leader in green sukuk issuance globally. Data indicates that activity in the sector has doubled to $8.6 billion in the first half of 2024. This growth is largely driven by high-profile issuances from major financial institutions and corporate entities, reflecting the country’s strategic commitment to sustainable development and its ambitions under the UAE’s 2050 Net Zero Goals.
Omniyat’s entry into this market follows notable recent issuances by other leading UAE organisations. Abu Dhabi Islamic Bank, for example, raised $500 million through a pioneering green sukuk offering, which was the world’s first US dollar-denominated green sukuk by a financial institution. This issuance attracted exceptional demand from more than 100 global and regional investors and was subsequently listed on the London Stock Exchange’s International Securities Market and Sustainable Bond Market.
Similarly, Majid Al Futtaim, a prominent UAE developer and operator of shopping malls, previously issued a $600 million green sukuk to finance a portfolio of environmentally focused projects. This sukuk was listed on Nasdaq Dubai and illustrated the growing appetite for sustainable investment instruments within the region.
The Arabian Post is reporting that Omniyat’s initiative forms part of this expanding green finance landscape, highlighting the Mekka-based developer’s commitment to sustainable real estate development by leveraging green capital markets to support its projects.
Source: Noah Wire Services
- https://www.zawya.com/en/economy/islamic-economy/dubai-luxury-developer-omniyat-mandates-banks-for-debut-dollar-green-sukuk-y0gvpxyp – Confirms Omniyat’s debut US dollar benchmark green sukuk issuance, including the mandate of ADCB, Citi, ENBD Capital, JP Morgan, Mashreq, and Standard Chartered as joint global coordinators, along with other banks as joint lead managers and bookrunners.
- https://www.islamicfinancenews.com/omniyat-to-issue-debut-green-sukuk.html – Supports the claim about Omniyat’s debut green sukuk issuance and provides context about its significance in the market.
- https://www.zawya.com/en/capital-markets/bonds/debut-issuers-push-into-sukuk-market-ifr-d3jwsor3 – Corroborates the three-year tenor of the green sukuk and mentions investor allocation statistics, including participation from MENA, Asia, and international markets.
- https://www.fitchratings.com/research/corporate-finance/fitch-rates-omniyat-upcoming-sukuk-bb-exp-rr4-25-04-2025 – Validates Fitch’s assignment of a ‘BB-(EXP)’ rating to Omniyat’s upcoming sukuk and provides credit risk assessment details.
- https://disclosure.spglobal.com/ru/regulatory/article/-/view/type/HTML/id/3358356 – Confirms the proposed senior unsecured sukuk structure and references the presale report for Omniyat Sukuk 1 Ltd.
- https://www.zawya.com/en/capital-markets/bonds/debut-issuers-push-into-sukuk-market-ifr-d3jwsor3 – Mentions comparable issuances by UAE entities like Arada, Damac, Five, and Sobha Realty, contextualizing Omniyat’s market entry.
- https://thearabianpost.com/omniyat-ventures-into-sustainable-finance-with-debut-green-sukuk/ – Please view link – unable to able to access data
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
9
Notes:
The narrative references 2024 data and recent UAE green sukuk activity, including Abu Dhabi Islamic Bank’s 2024 issuance. No evidence of recycled content found, though the formal launch remains contingent on market conditions.
Quotes check
Score:
0
Notes:
No direct quotes are included in the narrative.
Source reliability
Score:
5
Notes:
The narrative originates from The Arabian Post, which lacks the established editorial reputation of outlets like Reuters or FT. Technical details align with known green finance structures, but independent verification is recommended.
Plausability check
Score:
8
Notes:
Claims align with UAE’s 2050 Net Zero Goals and recent GCC green sukuk trends. Appointment of major banks as coordinators supports credibility, though lack of specific project details limits full verification.
Overall assessment
Verdict (FAIL, OPEN, PASS): PASS
Confidence (LOW, MEDIUM, HIGH): MEDIUM
Summary:
The narrative demonstrates strong alignment with verifiable 2024 market trends and credible banking partnerships. While The Arabian Post’s reliability cannot be fully confirmed without secondary sourcing, the technical plausibility and contextual consistency support a pass verdict.
