Qatar-based Ezdan Holding Group is planning to raise $2 billion sukuk to finance its real estate projects, a report said.

“This is a new venture for Ezdan because usually we get funding from the banks but this time we are going to international markets to raise $2 billion for our development projects,” chief executive officer Ali Al-Obaidli was quoted as saying in the Gulf Times report.

“We have now received the approval from the board and we plan to raise the funds in stages. The first stage will involve $500 million, which we plan to raise by May or June this year,” Al-Obaidli told the paper.

“The use of the remaining funds will depend on our spending. Maybe by the end of 2016 we may use part of it and the rest will depend on the progress of our projects. The $500 million will be used to finance Ezdan’s current real estate development projects,” he added.

One of the mega projects under construction comprises 8,500 villas and apartments, 700 shops, one hypermarket, and two schools at Al Wukair City, Al-Obaidli was quoted as saying by Gulf Times.

“The first stage of the project will be completed by end of December 2016 or by January 2017; the first phase is almost 25 per cent complete,” he noted.

“Our model is the same and our land is around 1.6 million sq m of different sizes and in various locations in Qatar, and we plan to finish the construction of all residential projects by 2020.”

New malls in Al Wakrah and Al Wukair are expected to open this year, including a hotel in front of Four Seasons Hotel in West Bay, Al-Obaidli said.