National Industries Group (NIG) plans to raise $1.5 billion by selling Islamic bonds, the company's chairman said.

Citibank, Standard Chartered and BNP Paribas are among the arrangers, and presentations to investors will start next week, chairman Saad Mohamad Al Saad said.

NIG is Kuwait's largest construction materials firm by market value.

'The aim of the sukuk is to finance the group's future investments in gas, petrol and petrochemical fields, privatisation projects, and build, operate and transfer (BOT) projects,' said the chairman, adding the money would also be used for general financing.

In March, the group received a Baa2 rating from ratings agency Moody's, and pricing would be determined after a roadshow covering Europe, Asia and the Middle East, Saad said.

The sukuk would most likely be listed in London, he added.

In April, NIG said it planned to invest 200 million dinars ($694.2 million) in a petrochemical project in Saudi Arabia.