Dubai Investments PJSC's Dubai Investments Park Development Co. real estate division tapped HSBC Holdings Plc and Citigroup Inc. to sell Islamic bonds, or sukuk, in early 2019, Bloomberg News reported, citing sources with knowledge of the matter.

The development and management subsidiary is also working with First Abu Dhabi Bank PJSC, Emirates NBD PJSC and Dubai Islamic Bank PJSC to place the five-year notes, the sale of which could raise about $500 million, Bloomberg reported, citing one of the sources.

The funds from the sale are expected to be channeled toward the refinancing of Dubai Investments' 2014 sukuk, which matures in February 2019, the report added, citing an emailed statement from Khalid Bin Kalban, CEO and managing director of Dubai Investments.