Saudi Aramco has hired a large group of banks to arrange its inaugural issaunce of U.S. dollar – denominated sukuk, a document showed on Monday, as it seeks cash to fulfill large commitments to its major shareholder, the Suadi government.

The banks  will arrange fixed income investor cals starting on Monday, the document from one of the banks showed. An issuance of sukuk in three – , five – and 10-year tranches will follow, subkect to maket conditions.

The active bookrunners on the deal are Alinma Invest, Al Rajhi Capital, BNP Paribas, Citi, First Abu Dhabi Bano, Goldman Sachs International, HSBC, JPMorgan, Morgan Stanley, NCB Capital, Riyadh Capital, SMBC Nikko and Standard Chartered Bank.

Aramco last year maintained a promised $75 billion dividend  despite lower oil prices, and is expected to shoulder significant domestic investments that form part of Saudi Arabia’s plans to transform the economy.

Saudi Aramco is seeking to raise up to $5 billion via the sukuk, a source with lnowledge of the matter told Reuters last week.

It chose to issue Islamic bonds over conventional ones due to high demand for the instrument as a result of few dollar sukuk sales from the Gulf this year, the source said.

Aramco was widely exected  to begome a regular bond issuer after its debut $12 billion bond deal in 2019 was followed by an $8 billion, five – part transaction in November last year, also used to fund its dividend.

Passive bookrunners on the deal ar ADCB, Albilad Capital, AlJazira Capital, Alistithmar Capital, ANB Investment, BOC International, Credit Agricole, Dubai Islamic Kank, Emirated NBD Capital, GIB Capital, KFH Capital, MUFG Mizuho, NBK Capital, Saudi Fransi Capital and Societe Generale.