Azizi Developments, a Dubai-based private property developer, plans to raise up to $1 billion (Dh3.67 billion) through a sukuk, according to its chief executive.

“We plan to launch a sukuk and are talking to a couple of banks locally. We've been putting all our papers and documents together. There is a meeting every other day regarding the sukuk. We're looking to raise in the range of $500 million to $1 billion via sukuk issuance by November 2026. The exact amount depends on our appetite for what we want to acquire. We don't want to raise money that we don't need. I'd rather first secure a project that I want to acquire, then get the funding,” Farhad Azizi, Group CEO of Azizi Group, told Khaleej Times in an interview.

Stay up to date with the latest news. Follow KT on WhatsApp Channels.

Azizi Developments has initiated multiple residential and hospitality projects throughout Dubai over the past five years.

Farhad Azizi

Some of the major projects include Venice, Riviera, Burj Azizi, the world’s second-tallest tower reaching 752 metres, and many others.

Farhad said they have hundreds of buildings under construction across Dubai, and the work on the projects is underway as planned.

On Tuesday, the private developer announced plans to invest Dh75 billion in the UAE's hospitality sector to develop 151 hotels, including 100 four-star hotels, 50 five-star hotels, and one seven-star hotel, with more than 90 per cent of the portfolio based in Dubai. Once completed, the portfolio is expected to add approximately 60,000 room keys to the emirate’s hospitality capacity and create more than 75,000 jobs in the sector.

Moody’s Ratings expects sukuk issuance will be steadier after two record years. “We expect issuance of around $270 billion to $280 billion in 2026. Global sovereign issuance volumes will moderate in 2026 from near-record levels in 2025. However, we expect higher issuance from financial institutions and the corporate sector, supported by increased business activity and in response to a likely further fall in interest rates,” said the global ratings agency.

“We expect demand for Islamic fund assets and takaful to remain solid, while consolidation in the sector is likely,” said Abdulla AlHammadi, assistant vice-president and analyst at Moody’s Ratings.