Muhammad BinGhatti, the CEO of BinGhatti Holding, reportedly ruled out a public listing citing the strong financials and capital availability.
In an interview with Asharq Business, BinGhatti cited BinGhatti’s cash flow and rapid progress on sukuk issuance at Davos. The IPO remains under study, but for now the listing is shelved.
Escrow accounts made up AED10B ($2.7B) and sukuk issuance totalled $1.5B in the third quarter up to September 2025. The firm made a 145% gain in net profit YoY (2025).
AUM & Sukuk
Total assets grew 73% YoY to Dh22B, while cash equivalents more than doubled to Dh7.7B. Total equity rose 84% to Dh5.8B, citing substantial sukuk issuance.
Two sukuk issuances helped the firm raise significant capital. The firm issued a dual-listed $500M Green Sukuk under its Green Financing Framework whilst Moody’s and Fitch reaffirmed BinGhatti’s stable outlook citing strong liquidity and capital prudence.
Strong Regulation
The firm also expected sustained growth, citing Dubai’s Economic Agenda D33, the Real Estate Strategy 2023, and the 2040 Urban Master Plan.
Rising homeownership and a surge in FDI in 2025 is driving end-user demand prompting a shift toward a more reliable and buoyant property market.
IPO Brings Scrutiny
It was reported last year that the real estate giant was considering an initial public offering (Bloomberg), yet this was always deemed a possibility.
At Davos, the CEO and Founder of Emaar – Mohamed Alabbar – reflected on going public as the “stupidest idea we ever did” at the Dubai 1 Billion Followers Summit.
Mr Alabbar cited the heightened scrutiny and pressure on its performance as a double-edged sword.
New Projects in the Pipeline
Dubai’s housing market is continuing its strong recovery, with new opportunities in Abu Dhabi and London.
Last July, the firm opened its first international sales boutique in London’s Knightsbridge showcasing its partnerships with Bugatti, Mercedes-Benz, and Jacob&Co.
The partnership is helping the firm co-fertilise growth in both Dubai and also London: a frequent duo for co-living by entrepreneurs, UHNW individuals, and high-earning professionals.
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