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 added, 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.

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.

Source Arab News