The DFSA admission notice dated 12 February 2026 names Binghatti Sukuk 2 SPV Limited as issuer of the trust certificates identified by ISIN XS3289056395. DLD's current Binghatti Avenue row separately ties project 2185 to developer 1051, displayed as Binghatti Developers Fze, as accessed 2 October 2026. Neither record establishes that the securities issuer or Binghatti Holding Limited, named as obligor in the pricing supplement, owns or controls the DLD developer.

The four records answer four different questions

The useful answer is a ledger, not a family tree. Each record identifies a role for a defined purpose. The five-column comparison keeps the names, issuing authorities, identifiers and limits together.

Sources: Binghatti official site, DFSA admission notice on Nasdaq Dubai, 10 February 2026 pricing supplement, DLD Licensed Developers and DLD Project Status Enquiry. Access dates and response timestamps are shown in the ledger.

The second row contains two roles because the primary securities document distinguishes them. The issuer is Binghatti Sukuk 2 SPV Limited. The obligor is Binghatti Holding Limited. Treating the obligor as the issuer would erase a distinction the document makes expressly.

The security names an issuer and an obligor

The exact security record replaces inference with assigned roles. The DFSA admission notice, published 12 February 2026, says the trust certificates identified by ISIN XS3289056395 were issued by Binghatti Sukuk 2 SPV Limited and admitted to the DFSA Official List that day.

The pricing supplement dated 10 February 2026 supplies the paired company role. Item 1 names Binghatti Sukuk 2 SPV Limited as trustee and lessor, then names Binghatti Holding Limited as obligor, lessee and servicing agent. Part B assigns the same security ISIN XS3289056395. The issue date is 12 February 2026 and the scheduled dissolution date is 12 August 2031.

A special purpose vehicle, or SPV, is a separate legal entity used for a defined transaction. In this record, the SPV is the security issuer. The obligor has the obligations assigned to it under the transaction documents. Those labels are not interchangeable, and neither label is a DLD developer registration.

Binghatti's current investor-relations page describes Binghatti Holding Limited as a vertically integrated real estate developer, as accessed 2 October 2026. The site's terms of use use the abbreviated Binghatti Holding Ltd. for the website owner and operator. Those first-party descriptions help identify the company name, but the pricing supplement is the record that assigns the obligor role for this particular security.

DLD developer 1051 is a separate authority record

DLD's Licensed Developers service returned Binghatti Developers Fze with developer number 1051 at 04:38 +04:00 on 2 October 2026. A licensed developer here means the company entry displayed on DLD's approved-developer surface. The spelling and number belong together.

Capitalisation matters when preserving evidence. DLD returned Fze, not the all-capitals FZE often used for the free-zone establishment suffix. A search note may normalise that suffix, but a verification file should retain the authority's displayed string and the number beside it.

This row establishes that DLD displayed developer 1051 under that name on the check date. It does not state that every project containing the word Binghatti is registered to company 1051. It also does not state that the security issuer or holding obligor owns or controls that DLD company.

DLD project 2185 closes one exact join

DLD's Project Status Enquiry returned Binghatti Avenue as project 2185 and named developer 1051, Binghatti Developers Fze, at 04:38 +04:00 on 2 October 2026. The number 1051 is the joining field shared with the Licensed Developers entry.

The same project response displayed Finished and a 100.0% completion ratio. Those are fields on project 2185 at the response time. They do not prove an individual unit handover, satisfy a buyer's contract or describe another similarly named project.

The article therefore supports two bounded statements:

Binghatti Sukuk 2 SPV Limited → issuer of ISIN XS3289056395; Binghatti Holding Limited → obligor for that security

Binghatti Avenue → project 2185 → developer 1051 → Binghatti Developers Fze

No cited record closes a line between those statements. The shared name is useful for finding records, but it is not the missing corporate identifier.

Reproduce the check in five steps

The reader check works best as a small evidence file. Each saved item should carry the source, field, identifier and date so a later check can show what changed.

1. Save the public display name

   Open the official Binghatti site and preserve the name the page presents. Record it as a brand display, not as a legal-company finding.

2. Save the exact security record

   Open the dated exchange notice and pricing supplement. Preserve Binghatti Sukuk 2 SPV Limited, issuer, Binghatti Holding Limited, obligor, and ISIN XS3289056395 as separate fields.

3. Search DLD Licensed Developers

   Save Binghatti Developers Fze and developer number 1051 together, with the DLD URL, response timestamp and access date.

4. Open one exact DLD project

   Search project number 2185 in Project Status Enquiry. Save the returned project name, developer name and developer number as one row.

5. Join numbers, then mark the gap

   The exact 1051 = 1051 match closes the project-to-developer edge. Leave the securities-and-holding-to-developer edge unknown until a current primary source states it explicitly.

This identity check comes before performance analysis. The sibling developer name-field guide explains the broader record layers. Once the company and project fields are fixed, the completion-record table method shows how to compare dated project evidence without carrying one project's field across the rest of a portfolio.

The unresolved corporate edge is part of the answer

The securities side is now established for one identified security. Binghatti Sukuk 2 SPV Limited is the issuer named for ISIN XS3289056395, and Binghatti Holding Limited is the obligor named in the pricing supplement. The DLD side is also established for one project. Developer 1051, Binghatti Developers Fze, is returned on project 2185, Binghatti Avenue.

The cited records do not state that the issuer or obligor owns or controls DLD developer 1051. Recording that edge as unknown is more accurate than drawing a corporate line from matching words. A current corporate filing may add that edge later, but it would need to be cited as its own record.

FAQ, checked 2 October 2026

Who issued the Binghatti security with ISIN XS3289056395?+

The DFSA admission notice dated 12 February 2026 names Binghatti Sukuk 2 SPV Limited as issuer of the trust certificates identified by ISIN XS3289056395. The 10 February 2026 pricing supplement separately names Binghatti Holding Limited as obligor.

Who owns Binghatti Developers Fze?+

The cited brand, securities and DLD records do not establish the ownership of Binghatti Developers Fze. They establish the assigned roles and numbered joins described above; an ownership conclusion needs a current corporate source that explicitly connects the legal entities.

What is Binghatti Holding Limited?+

Binghatti's current investor-relations page describes Binghatti Holding Limited as a vertically integrated real estate developer. For ISIN XS3289056395, the pricing supplement names it as obligor, while Binghatti Sukuk 2 SPV Limited is the issuer.

What DLD project is joined in this example?+

DLD project 2185, Binghatti Avenue, returned developer 1051, Binghatti Developers Fze, on 2 October 2026. Another project needs its own project-number check because a shared brand word is not a project join.

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