Sept. 9 (Bloomberg) -- Tourism Development & Investment Co., a state-owned developer of hotels in the emirate of Abu Dhabi, may raise $1 billion in an Islamic bond offer, according to two bankers with knowledge of the deal. The firm hired HSBC Holdings plc, Abu Dhabi Commercial Bank, and Standard Chartered plc to manage the sale, according to bankers who didnât want to be identified as details are private. TDICâs sale may be the biggest Islamic bond offering from the United Arab Emirates in more than a year following a global credit crisis. Sorouh Real Estate Co., another Abu Dhabi-based property company, sold 4 billion dirhams ($1.1 billion) of Islamic bonds to finance new developments in August 2008.
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