IslamicFinance.de

In order to help the government of Malaysia with a planned sale of U.S. dollar denominated Islamic notes, CIMB Group Holdings Bhd., Citigroup Inc., HSBC Holdings Plc and Malayan Banking Bhd. were hired.

CIMB Group Holdings Bhd. is seeking to boost its business in the Persian Gulf to fight off HSBC Holdings Plc’s challenge to its dominance.
CIMB’s only Persian Gulf deal this year was a $125 million sale in October for a unit of Saudi Arabia’s Islamic Development Bank.

The government hired CIMB Investment Bank Bhd., a Kuala Lumpur-based unit of CIMB Group Holdings Bhd. as a lead manager to sell between $1 billion and $1.5 billion of the securities.
This sell won't however appeal to most local funds unless the emirate obtains a rating.
Dubai is tapping international debt markets to raise funds as the government and state-controlled companies grapple to service borrowings that Barclays Capital estimated in a September report at about $112 billion.