Binghatti Holding Reports 64% Profit Surge Amid Dubai's Housing Demand

Summary:

Binghatti Holding, a Dubai-based developer, reported a 64% increase in net profit to Dh3 billion and a 50% rise in revenue to Dh9.5 billion for the first half of 2023, driven by strong project deliveries and sustained demand for residential properties. The company launched eight projects and delivered around 1,700 residential units. Its development backlog reached Dh44.2 billion, ensuring future growth, while a $500 million sukuk was significantly oversubscribed. Chairman Muhammad Binghatti noted strategic progress and strong visibility for earnings, bolstered by Dubai's growing residential market.