Abu Dhabi property developer Sorouh said it planned to raise 4 billion dirhams ($1.09 billion) through an Islamic securitisation to finance infrastructure projects in the UAE capital.

The Islamic facility "is the first to securitise future contracted receivables from sub-developers", including the Shams Abu Dhabi and Saraya developments, Sorouh said in a statement on the Abu Dhabi bourse website.

Lead arrangers of the securitisation are Citigroup, First Gulf Bank, Abu Dhabi Commercial Bank, National Bank of Abu Dhabi and Noor Islamic Bank.- Reuters