Beauty contests were held on 18-19 August for shortlisted co-lead arrangers to join the $750 million sukuk issue for Dubai’s Department of Civil Aviation (DCA), being lead arranged by Dubai Islamic Bank.

The funds will be used to finance the $4,200 million expansion under way at Dubai International Airport (DIA – MEED 18:6:04).

Banks to have made the shortlist are understood to include Arab Bank, Arab Banking Corporation, Citigroup, Gulf International Bank, HSBC, Kuwait Finance Houseand Standard Chartered. The next step in the process will involve roadshows being held in late September in Bahrain, Dubai and Malaysia, with subscription due to open in October.

The issue will be the largest so far in the Gulf of the Islamic leasing instrument. A listing on the Dubai Financial Market is planned. The DIA expansion is moving forward, with bids due on 11 September for the biggest package so far tendered, AX 059, covering all architectural finishes and mechanical, electrical and plumbing (MEP) works for terminal 3, the open-air car park structure and concourse 2 (MEED 6:8:04).