Dubai-based developer Majid al-Futtaim (MAF) has mandated a group local and international banks for a possible dollar-denominated bond.

MAF, which owns and operates malls around the region and Egypt in North Africa, has mandated HSBC, National Bank of Abu Dhabi (NBAD) and Standard Chartered on the possible deal, according to a report by news agency Reuters, which added that more banks could be involved at a later stage.

The report did not specify the potential size of the bond sale, the purpose or the timing of the deal.

It is already at initial talks with banks on a $1.5bn revolving credit facility, which the sources in January said could be used to refinance existing debt and fund some ongoing developments.

The retail operator regularly raises funds from debt markets. It issued a 10-year $500m sukuk in November 2015, following it with a $300m tap in mid-2016. BNP Paribas, Emirates NBD and Standard Chartered Bank last year helped MAF raise $500m through a revolving facility with a five-year tenor.

The developer was also in talks with banks to fund its Mall of Oman project last year. MEED reported in September that MAF had received bids for the main contract to build the mall, worth an estimated $715m. MAF is investing $1.3bn in developing shopping malls in the sultanate.

The company, which is rated BBB by the US’ Standard & Poor’s and the UK’s Fitch Ratings, also plans to invest a further AED30bn ($8.16bn) in the UAE by 2026, it said in a statement in November.