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The government of Dubai, acting through the Department of Civil Aviation (DCA), has formally launched a US$750mn Islamic sukuk al ijara issue to part fund the US$4.1bn development of Dubai International Airport.

This is the largest sukuk issue in the history of Islamic banking.

A presentation in Dubai recently signalled the start of a roadshow, which will move on from Dubai to other countries including Bahrain and Kuwait.

DIB, which is acting as the mandated lead manager, will also be one of the joint bookrunners alongside Citigroup and HSBC. The issue is fully underwritten by a six-member group of banks including the three bookrunners, Gulf International Bank, Kuwait Finance House and Standard Chartered Bank. The issue is expected to be listed in Luxembourg and on the Dubai Financial Market.