Although Tamweel and its advisers have not disclosed the target size of the sukuk, the deal is expected to total about $300m. It is being arranged by Standard Chartered, Dubai Islamic Bank and Badr al-Islami, the Islamic banking arm of Mashreqbank.

The Dubai-based real estate developer has been assigned an A rating by Fitch Ratings, and an A3 rating by Moody’s Investors Service.

Bankers in the region expect the Tamweel deal to be one of the last transactions to come from the region before the summer lull begins.