Mon. Mar 4th, 2024

Dubai is known for its grand and luxurious residential projects that offer high-end amenities, breathtaking views, and a luxurious lifestyle. These projects cater to the needs of the elite class, and their importance cannot be overlooked.

One of the primary reasons why residential projects in Dubai are significant is the economic growth and development they bring to the region. These projects attract investors from all over the world, which, in turn, boosts the economy and creates job opportunities.

Furthermore, Dubai’s residential projects are built with advanced technology and modern architecture. The buildings are equipped with the latest security systems, advanced heating and cooling systems, and smart home technology. These features make living in Dubai’s residential projects both comfortable and secure. Among the companies contributing to the growth of the construction industry, one is named Binghatti, a Dubai-based Emirati property development company that focuses on high-growth potential projects.

Another important aspect of Dubai’s residential projects is the diverse community they offer. Dubai is a melting pot of cultures, and the residential projects in the region are no different. These projects provide an opportunity for people from different cultures to come together and live in harmony. Binghatti has made a name for itself by developing innovative, sustainable, and luxurious projects that cater to the evolving needs of travelers. In this context, exploring Binghatti’s approach to the development of residential projects in Dubai provides insights into the opportunities and challenges in the UAE’s real estate and construction industry.

Binghatti, a Dubai-based Emirati property development company, traces its origins back to 2008 when it was founded by Hussain BinGhatti Aljbori, a former nomadic Bedouin merchant who began overseeing construction projects at the age of 16. Initially, the company served as an umbrella organization for Hussain’s diverse business interests. However, when his son, Muhammad BinGhatti, joined the company six years later, the property design and construction division of the business began to flourish under the guiding principle of “the art of property.” Alongside his business pursuits, Muhammad is also an accomplished artist and poet.

Muhammad BinGhatti, CEO of Binghatti once said, “From a young age, I was captivated by the elegant and sophisticated designs found in the automotive and aeronautic industries. This passion inspired me to envision a real estate brand that would challenge the conventions of the industry and pay tribute to these design philosophies. My goal was to create hyper towers that would evoke the same sense of awe and admiration that a car enthusiast feels when gazing upon their favorite supercar. For me, Binghatti is much more than just a property development company; it is a brand that embodies innovation, creativity, and boldness.”

Binghatti’s hyper-properties are tailored to individuals who possess a true appreciation for exceptional architecture. These properties offer a unique living experience that showcases how innovative and thoughtful design, coupled with advanced technology, can elevate a property beyond a mere place of residence. The focus on creating such distinctive living spaces is a testament to Binghatti’s commitment to pushing the boundaries of conventional property development and its dedication to delivering a one-of-a-kind living experience to its clients.

After its establishment, Binghatti, initially, concentrated on constructing high-end residential properties in Dubai. Over time, the company expanded its portfolio and ventured into other sectors as well. Meanwhile, the employee count of the company became 5000 and the revenue rate increased to USD 3 billion. Currently, Binghatti has several ongoing projects in different areas of Dubai, including Business Bay, Al Jaddaf, Dubai Silicon Oasis, Jumeirah Village Circle, Liwan, and Dubai Residential Complex. These projects have a combined investment value of more than AED 7 billion, reflecting the company’s commitment to creating innovative and sustainable properties that cater to the evolving needs of the market.

Over the years, Binghatti has been involved in several significant deals. In 2014, the company entered into an undisclosed agreement to sell Binghatti Terraces, a mid-rise tower in Dubai Silicon Oasis, to Emirates Real Estate Fund, which is managed by Emirates NBD. Later in 2018, Binghatti completed a deal valued at AED 200 million ($54.4m) with Izdihar Real-Estate Fund, a fund managed by the Bank of Muscat. This agreement involved the acquisition of two residential towers in Dubai Silicon Oasis: Binghatti Vista and Binghatti Sapphires. In 2021, Binghatti completed a deal with Almarai, a Saudi food company, valued at AED 215 million ($58.54m). The deal involved the acquisition of the Binghatti Beverages Manufacturing Facility located in Khalifa Industrial Zone, Abu Dhabi. Most recently, in November 2022, Binghatti announced the launch of Burj Binghatti Jacob & Co. Residences, a skyscraper co-designed and branded by Jacob & Co., the renowned global horology and jewelry brand.

Binghatti’s vertically integrated approach to real estate development prioritizes quality and timely delivery. This approach allows the company to create products that are centered on client satisfaction, which is achieved through the use of premium quality materials and rapid product turnover. By implementing this strategy, Binghatti is able to provide its clients with maximum return on investment and value. Furthermore, the company’s commitment to delivering high-quality products on time has helped establish its reputation as a trusted and reliable real estate developer.

 

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