Dubai developer The First Group to issue $135 mln sukuk

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The First Group, a Dubai-based developer and real estate investor, plans to issue $135 million in sukuk, or Islamic bonds, a company spokeswoman said.

The developer has appointed investment bank Shuaa Capital to arrange the planned transaction, she said, without disclosing details on the planned use of proceeds.

It is one of few debt issues in the pipeline in the Gulf region after business slowed sharply during the holy month of Ramadan, which ended last week.

United Arab Emirates' Sharjah Islamic Bank is expected to issue dollar sukuk by the end of June to boost its Tier 1 core capital, sources familiar with the matter said on Wednesday.

The First Group specializes in hotel investments, according to its website.

It has completed 11 projects in the UAE to date and has seven hospitality developments under construction, the spokeswoman said.

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