Dubai’s leading developer Binghatti Holding said Fitch’s ratings evaluated the company (IDR) long-term disability ratings and priority unsecured obligations from B+ to BB.
The rating increase is based on the company’s improving financial position, steady growth trajectory, and growing global brand recognition, according to the report.
Fitch also gave Binghatti’s ‘stable outlook,’ indicating confidence in the company’s continued financial discipline and market leadership.
In its analysis, Fitch emphasized Binghatti’s excellent liquidity position and prudent financial management, highlighting a net debt-to-EBITDA ratio of 0.8 times in 2024.
The developer stated that Binghatti’s financial strength allows the company to self-fund future projects with internally produced cash flows, assuring long-term growth.
Chairman Muhammad Binghatti (below) said Fitch’s rating improvement is a clear affirmation of the company’s operational competence, financial discipline, 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 that Fitch’s rating upgrade follows Moody’s recent debut rating, bolstering the company’s position as a major developer and reaffirming its capacity to produce world-class projects that attract global investors and reshape Dubai’s cityscape.
Binghatti’s strategic growth
The company stated that its upscale, branded real estate agreements, such as those with Mercedes-Benz, Bugatti, and Jacob & Co., continue to attract high-profile international investors.
Binghatti added that it continues to fulfill strong local demand for mid-range luxury properties.
The corporation has pledged to delivering 21,000 residential units, with a construction pipeline worth around AED45 billion.
Its revenues are predicted to exceed AED20 billion in 2025, more than tripling from the AED6.3 billion achieved in 2024.
The developer also has a $500 million sukuk traded on the London Stock Exchange and Nasdaq Dubai.
With a strong presence in important districts such as Jumeirah Village Circle, Dubai Silicon Oasis, Jaddaf, and Business Bay, the company’s recent foray into Palm Jumeirah is a big step forward in its high-profile development portfolio.
