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Bond Market News
Dollar Bonds of UAE Property Developers Drop Further
March 17, 2026
Dollar bonds and sukuk of UAE-based property developers such as Omniyat, Binghatti, Arada, Sobha Realty and Damac fell again in yesterday’s trading session (as seen in the table below). As per a Bloomberg index, UAE corporate bonds are the worst performers in the emerging markets space this month, amid the war in the Middle East.
Some analysts noted that the residential real estate market was already looking vulnerable before the war started, warning that prices and rental yields could fall because of a surge in supply. Others see the current drop as a mild correction with investors expected to focus on good quality, tier-one names.
Manuel Mondia at Aquila Asset Management said the market was possibly focused on “the two most-levered names”, referring to Binghatti and Omniyat. He added that these “might see more trouble down the road”. Fitch recently placed Dubai’s Binghatti on watch for a possible downgrade. However, Binghatti noted that it had a strong financial position, with conservative leverage and ample liquidity.
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