Dubai Investments has said it is planning to appoint banks to arrange a AED1bn ($272m) sukuk (Islamic bond) that will used to finance its expansion plans.

The company said that the sukuk is likely to have a tenor of five years and the deal could be wrapped up by mid-March.

Dubai Investments has made close to 40 investments, including in Dubai Investments Park, a residential, business and industrial zone, Emirates District Cooling (Emicool), First Energy Bank, and Emirates Float glass.

Later this year the company is also planning to exit investments valued at around AED530m and is looking at possible investments in Tunisia and Libya.