Developer Sees Record Profit Driven by New Projects

Dubai-based Binghatti Holding achieved its 10th consecutive record-breaking quarter, reporting a net profit of Dh1.43 billion for Q1 2026. This success was fueled by Dubai's thriving property market, which drove strong demand for luxury and branded residences. Revenue increased by 52% year-on-year to Dh4.39 billion, reflecting robust sales, operational efficiency, and growing investor interest in premium real estate within the emirate.

During the quarter, Binghatti sold over 4,000 residential units, generating Dh5.88 billion in sales. The company also launched five new projects valued at Dh8.58 billion, encompassing 4,696 units, further expanding its portfolio. The total development backlog now stands at approximately Dh52 billion, with a sales backlog of AED 16 billion and a revenue backlog of AED 18 billion, providing strong growth visibility.

Binghatti's strong performance is attributed to its vertically integrated business model and Dubai's resilient property sector. The company also improved its profitability margins, with the net profit margin rising to 33% from 29% and the gross profit margin increasing to 43%. Total assets climbed to Dh32.87 billion, and cash reserves rose to Dh9.9 billion, demonstrating a strong financial position.

A significant milestone was the issuance of a $500 million Sukuk with a 5.5-year maturity, the longest-tenor Sukuk ever issued by a UAE private-sector real estate developer. This issuance was oversubscribed more than 4.4 times, reflecting strong global investor confidence in Dubai's real estate market and strengthening Binghatti's capital structure.