Binghatti Capital delivers returns, Edge makes another Europe move, ECI expands credit for Trafigura

Binghatti Capital delivers 194% return on property fund

Binghatti Capital says its Pinnacle Development Fund delivered a 194% net internal rate of return (IRR) and a 2.3x net equity multiple, according to a company statement (pdf). The Dubai Financial Services Authority-regulated investment manager raised around USD 29 mn from external investors for a single 178-unit mixed-use development with a gross development value of approximately USD 115 mn. More than 90% of the units were sold before completion, generating over USD 90 mn in contracted sales.

What does that mean for investors? The 2.3x multiple means investors received USD 2.30 for every USD 1 invested, after fees and expenses. The much higher 194% IRR is an annualized measure that also reflects how quickly their money was returned, rather than a 194% gain on their original investment. Binghatti Capital says it has completed distributions, with the fund now undergoing formal liquidation.

REMEMBER- Binghatti launched its asset management arm last year, targeting up to USD 1 bn in real estate and private credit investments as it looked to expand beyond property development. Pinnacle gives the firm a completed investment with realised returns to show prospective investors, although the results apply to one project rather than its broader portfolio.

An Edge-Germany partnership

State defense firm Edge is partnering with Germany’s SFC Energy to develop, test, and market tactical fuel-cell power systems, according to a press release. The agreement, executed through Edge subsidiary Al Fahad Electrical Systems, will adapt SFC’s portable fuel cells, EFOY hybrid systems, and LAPS-R supply platforms for defense outposts and energy-hungry directed-energy laser systems.

In the works: The partnership will begin with proof-of-concept projects before moving to local integration, maintenance, and potentially manufacturing in the UAE. Both sides are also exploring exports to markets across the region.

REMEMBER- Edge’s Europe portfolio has caught wings. Just yesterday, it brought advanced propulsion into its supply chain after wrapping up the takeover of a controlling stake in Italian propulsion systems manufacturer CMD.

ECI expands USD 150 mn Trafigura trade facility

Etihad Credit Ins. (ECI) renewed its partnership with commodity titan Trafigura, with a USD 150 mn revolving credit facility backed by up to USD 100 mn in sovereign risk cover, according to state news agency Wam. The two-year facility builds on ECI’s support between 2024 and 2026, which covered Trafigura’s purchases of UAE-origin aluminium. The renewed pact expands eligibility to other non-oil UAE-origin commodities, widening the pool of goods that can be financed for international markets.

Export ins. meets global trade: The structure is designed to help Trafigura purchase UAE-origin goods while giving lenders additional credit-risk protection through ECI.

Also involved: First Abu Dhabi Bank and Natixis CIB return to the syndicate, joined by newcomer HSBC, with the three acting as mandated lead arrangers. Natixis CIB also serves as coordinator, underwriter, and export credit agent bank.