IPO News

DUBAI INC.: Dubai Bank is a unit of Dubai Banking Group which is owned by Dubai Holding which is owned by Dubai's Ruler Sheikh Mohammed bin Rashid Al-Maktoum (pictured). (Getty Images)

Dubai Bank plans to sell about $500 million in Islamic bonds this year as part of a $5 billion notes programme to finance growth as it looks to become a global Islamic lender by 2013.

The unlisted bank, a unit of Dubai Banking Group (DBG), could sell its first tranche in the next "couple of months", depending on market conditions, Chief Executive Officer Salaam Al-Shaksy told newswire Reuters on Wednesday.

The Islamic lender, which appointed Swiss investment bank UBS and Standard Chartered as lead arrangers, had received a good response from potential investors for the sukuk sale, Al-Shaksy said.