Leading Dubai developer Binghatti Holding said Fitch Ratings has upgraded the company’s Long-Term Issuer Default Rating (IDR) and senior unsecured debt from ‘B+’ to ‘BB-’.
The rating upgrade is based on the company’s strengthening financial position, resilient growth trajectory, and expanding global brand recognition, it said.
Fitch also assigned Binghatti a ‘stable outlook,’ reflecting confidence in the company’s sustained financial discipline and market leadership.
In its report, Fitch highlighted Binghatti’s strong liquidity position and conservative financial management, citing a low net debt-to-EBITDA ratio of 0.8 times in 2024.
Binghatti’s financial strength enables the company to self-fund future projects with internally generated cash flows, ensuring sustainable growth, the developer said, citing the report.
Chairman Muhammad Binghatti (below), said Fitch’s rating upgrade is a resounding validation of the company’s operational excellence, financial prudence, and dynamic growth strategy.
“The recognition of our financial strength in an increasingly competitive market speaks volumes about our commitment to delivering iconic and architecturally innovative high-quality luxury real estate,” he said.
Binghatti said the rating upgrade by Fitch follows a recent inaugural rating by Moody’s, strengthening the company’s position as a premier developer and reaffirming its ability to create world-class projects that are attracting global investors and reshaping Dubai’s skyline.
Binghatti’s strategic growth
The company said it continues to attract high-profile international investors with its luxury, branded real estate collaborations, including partnerships with Mercedes-Benz, Bugatti, and Jacob & Co.
It also continues to meet strong domestic demand for mid-end luxury properties, Binghatti said.
The company has committed to delivering 21,000 residential units, with a development pipeline valued at approximately AED45 billion.
Its revenues are expected to surge to over AED20 billion in 2025, more than tripling the AED6.3 billion recorded in 2024.
The developer also has a $500 million sukuk listed on the London Stock Exchange and Nasdaq Dubai.
With an established presence in key districts such as Jumeirah Village Circle, Dubai Silicon Oasis, Jaddaf, and Business Bay, the company’s recent entry into Palm Jumeirah represents a significant milestone in its high-profile development portfolio.
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