The two-year facility will be backed by Lagoon City project assets. LMC is acting as Islamic structuring adviser. The underwriting group is led by KFH along with LMC, Bahrain Islamic Bankand Emirates Islamic Bank. Dates for the roadshows, which will be held in Bahrain, Dubai and Kuwait, are due to be announced imminently.

Construction is under way on the mixed-use Pearl City project, which will cost an estimated $410 million and will cover an area of about 730,000 square metres (MEED 2:4:04). LMC is working on several sukuk deals outside its home market of Bahrain, concentrating on corporate and project issues (Bahrain, MEED Special Report, 7:10:05, page 43).