Roadshows will go to Kuwait, Dubai and Bahrain. The sukuk has a tenor of five years with an expected maturity of three years. It is structured as an istithna rolled into an ijara, and will cover dredging, reclamation and infrastructure work on the resort,

The Durrat paper is one of a flood of sukuks in the pipeline. ‘We are likely to see $1,500 million-2,000 million of sukuk issuance coming to market over the next 12 months,’ Ahmed Abbas, acting chief executive of LMC, told MEED’s Second Middle East Capital Markets conference in Dubai on 22 September.