Omniyat taps the debt market for the first time this year: Dubai-based developer Omniyat Holdings priced a USD 600 mn five-year senior unsecured sukuk at 7.25%, Zawya reports, joining a broader wave of developers hitting the debt capital markets early this year. The Reg S offering drew USD 1.8 bn in orders at launch before closing 2.5x oversubscribed, prompting pricing to tighten from 7.625% guidance. The notes will be listed on LSE and Nasdaq Dubai.

Signs of a maturing credit story: The latest issuance — under Omniyat’s USD 2 bn trust certificate issuance programme — priced 113 bps tighter than a debut green offering last year, signaling strong demand for Dubai real estate credit, even for high-yield (BB-) names.

The private luxury developer has now raised roughly USD 1.5 bn in less than a year — USD 1 bn of which came within just six months — starting with its maiden USD 500 mn green sukuk at 8.375% in May, followed by a USD 400 mn three-year note at 7.25% in September.

ADVISORS- Our friends at Mashreq are the joint global coordinators on the sukuk alongside Abu Dhabi Commercial Bank, Citi, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, JP Morgan, and Standard Chartered Bank. Meanwhile, Ajman Bank, Arab African International Bank, Arab Bank, Bank of Sharjah, Rakbank, and Sharjah Islamic Bank are serving as joint lead managers and joint bookrunners.

The bigger picture

The size of Omniyat’s project pipeline helps explain why the developer has been so active in capital debt markets. Earlier this month, its development arm Beyond unveiled the AED 25 bn Evermore mixed-use project on Marjan Beach in Ras Al Khaimah, following October’s launch of Lumena Alta, an AED 5 bn, 73-story luxury commercial tower in Dubai, signaling a move away from the boutique developer label as it pivots into high-capex territory.

The move comes amid a broader wave of developer issuance, with Binghatti Holding pricing a USD 500 mn five-year benchmark sukuk earlier this month, following Damac Properties ’ USD 600 mn raise in January, as more players move to lock in early funding.

In other debt news

Commercial Bank of Dubai (CBD) is moving to raise as much as USD 1 bn in debt-like instruments within a year, according to a bourse filing (pdf). The capital raise will be split into two non-convertible tranches — up to USD 750 mn in Additional Tier 1 perpetual securities and up to USD 250 mn in Tier 2 notes. The capital raise would allow them to reward shareholders without depleting the liquidity they need to hunt for market share.

ALSO- CBD re-authorized its USD 3 bn EUR medium-term note program, the filing read, signaling it wants to be a frequent flier in international debt markets. With the Fed expected to continue its easing cycle through 2026, CBD is positioning itself to lock in cheaper funding early.

Dividends: The DFM-listed lender also approved a massive 50% dividend payout totaling AED 1.75 bn.

ICYMI- CBD’s net income hit a record AED 1 bn in 4Q 2025 supported by net loans of AED 100 bn, bringing its total annual bottom line to AED 3.5 bn, up 15% y-o-y.

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