# Binghatti name layers: sukuk issuer, DLD developer and project record > Binghatti Sukuk 2 SPV Limited issued ISIN XS3289056395; DLD developer 1051 and project 2185 remain a separate joined record. Source: https://withlida.com/insights/binghatti-name-layers-holding-dld-developer-project --- :::intro 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. ::: :::summary - The securities layer is exact: the DFSA notice names `Binghatti Sukuk 2 SPV Limited` as issuer of ISIN `XS3289056395`, while the 10 February 2026 pricing supplement names `Binghatti Holding Limited` as obligor. - The DLD layer is separate: developer `1051` is displayed as `Binghatti Developers Fze`, checked 2 October 2026. - DLD project `2185`, `Binghatti Avenue`, returns the same developer number `1051`, forming the cleanest official join in this example. - `Binghatti` is the public brand display on the official website. A shared brand word does not merge the securities, company, developer and project records. - None of the cited records states that the securities issuer or holding obligor owns or controls DLD developer `1051`, so that corporate edge remains unknown here. ::: ## 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. | displayed name | record level | source or authority | identifier and date | what it establishes, and does not | | --- | --- | --- | --- | --- | | `Binghatti` | Public brand display | Binghatti official website | Home page, accessed 2 Oct 2026 | Establishes the site's public brand label; does not identify a securities issuer, legal company or DLD developer | | `Binghatti Sukuk 2 SPV Limited`; `Binghatti Holding Limited` | Securities issuer and holding obligor | DFSA admission notice; pricing supplement | ISIN `XS3289056395`; supplement dated 10 Feb 2026; admitted 12 Feb 2026; accessed 2 Oct 2026 | Names the SPV as issuer and the holding company as obligor for this security; does not state that either owns or controls DLD developer `1051` | | `Binghatti Developers Fze` | DLD Licensed Developers entry | Dubai Land Department | Developer `1051`; response timestamp 2 Oct 2026, 04:38 +04:00 | Pairs the DLD name with number `1051`; does not state its ownership relationship with the issuer or obligor | | `Binghatti Avenue` | DLD project row | Dubai Land Department | Project `2185`; response timestamp 2 Oct 2026, 04:38 +04:00 | Pairs project `2185` with developer `1051`, `Binghatti Developers Fze`; does not establish a holding-company or securities-issuer edge | Sources: [Binghatti official site](https://www.binghatti.com/), [DFSA admission notice on Nasdaq Dubai](https://www.nasdaqdubai.com/trading/disclosures/8a7dde9e-ea7e-45ff-927c-be3e94b50550), [10 February 2026 pricing supplement](https://www.citibank.ae/content/dam/cgcpc/ae/prelogin/www-citibank-ae/doc/en/pdf/wealth-management/XS3289056395.pdf), [DLD Licensed Developers](https://dubailand.gov.ae/en/eservices/approved-real-estate-developers/approved-developers/) and [DLD Project Status Enquiry](https://dubailand.gov.ae/en/eservices/real-estate-project-status-landing/real-estate-project-status). 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. ::figure{src="images/blog/binghatti-name-layers-holding-dld-developer-project/inline-1.png" alt="Four Binghatti record layers separating the sukuk issuer and obligor from DLD developer 1051 and project 2185" caption="The securities record identifies issuer Binghatti Sukuk 2 SPV Limited and ISIN XS3289056395; only the DLD number joins developer 1051 to project 2185."} ## The security names an issuer and an obligor The exact security record replaces inference with assigned roles. The [DFSA admission notice](https://www.nasdaqdubai.com/trading/disclosures/8a7dde9e-ea7e-45ff-927c-be3e94b50550), 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](https://www.citibank.ae/content/dam/cgcpc/ae/prelogin/www-citibank-ae/doc/en/pdf/wealth-management/XS3289056395.pdf) 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](https://www.binghatti.com/en/investors-relations) describes `Binghatti Holding Limited` as a vertically integrated real estate developer, as accessed 2 October 2026. The site's [terms of use](https://www.binghatti.com/terms-and-conditions) 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](https://dubailand.gov.ae/en/eservices/approved-real-estate-developers/approved-developers/) 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](https://dubailand.gov.ae/en/eservices/real-estate-project-status-landing/real-estate-project-status) 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. ::::steps :::step{title="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. ::: :::step{title="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. ::: :::step{title="Search DLD Licensed Developers"} Save `Binghatti Developers Fze` and developer number `1051` together, with the DLD URL, response timestamp and access date. ::: :::step{title="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. ::: :::step{title="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](/developers/dubai-developer-brand-company-project-records) explains the broader record layers. Once the company and project fields are fixed, the [completion-record table method](/developers/compare-dubai-developers-completion-record-table) 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 ::::faq :::faq-item{q="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. ::: :::faq-item{q="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. ::: :::faq-item{q="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. ::: :::faq-item{q="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. ::: :::: Subscribe to the withlida market brief for the next sourced Dubai developer record check.