Dubai developer posts record profit as new projects fuels growth

Dubai: Dubai-based developer Binghatti Holding has reported its 10th consecutive record-breaking quarter, posting a net profit of Dh1.43 billion for the first quarter of 2026 as Dubai’s booming property market continued to drive strong demand for luxury and branded residences.

The developer announced on Monday that revenue rose 52 per cent year-on-year to Dh4.39 billion, reflecting strong sales performance, operational efficiency and growing investor appetite for premium real estate in the emirate.

New projects

The company sold more than 4,000 residential units during the quarter, generating Dh5.88 billion in sales. It also launched five new projects worth Dh8.58 billion, comprising 4,696 units, further expanding its growing portfolio across Dubai.

Binghatti said its total development backlog has now reached approximately Dh52 billion, underlining the scale of ongoing and future projects in the emirate. Sales backlog stood at AED 16 billion, while revenue backlog reached AED 18 billion, providing strong visibility for continued growth.

Strong performance

Muhammad Binghatti, Chairman of Binghatti Holding, said the company’s strong performance reflected the effectiveness of its vertically integrated business model and Dubai’s resilient property sector.

“Binghatti’s continued record performance reflects the strength of our vertically integrated business model and our ability to translate Dubai’s resilient real estate fundamentals into sustainable growth and profitability,” he said.

“Dubai continues to reinforce its position as a global investment destination through proactive governance, strategic planning, and strong investor confidence.”

Profitability margins

The company also improved its profitability margins during the quarter, with net profit margin rising to 33 per cent from 29 per cent in the same period last year, while gross profit margin increased to 43 per cent.

Binghatti’s total assets climbed to Dh32.87 billion, while its cash reserves rose to Dh9.9 billion, highlighting what the company described as a strong and flexible financial position.

Shehzad Janab, Chief Financial Officer of Binghatti Holding, said the results reflected the company’s financial discipline and long-term growth strategy.

“Our record-breaking results demonstrate the resilience and scalability of Binghatti’s platform, supported by strong cash generation, disciplined liquidity management, and continued earnings momentum,” he said.

Sukuk

He added that the company’s successful $500 million Sukuk issuance had strengthened its capital structure and expanded its international investor base.

The quarter also marked a major milestone for the developer after it issued a $500 million Sukuk with a 5.5-year maturity – the longest-tenor Sukuk ever issued by a UAE private-sector real estate developer. The issuance was oversubscribed more than 4.4 times, signalling strong global investor confidence in Dubai’s real estate market.