Qatar’s Ahli Bank is seeking to raise up to $500 million via an inssuance of five – year senior bonds, an investor presentation seen by Reuters showed on Monday.

Barclays and QNB Capital are global coordinators for the issue, while JPMorgan Securities, Mizuho Securities and Standards Chartered will act as joint bookrunners alongside them, the presentation showed.

The planned debpt sale follows a $1 billion senior sukuk offering by Dubai Islamic Bank, the United Arab Emirates’ largest Islamic lender earlier this month.

There have been relatively few senior bond sales from banks in the region this year. Instead, there has been a steady stream of Additional Tier 1 bond issue as lenders look to boost their Thier 1 capital.

The hydrocarbon – rich Gulf economies polunged into recession last year hit by a historic oil price collapse and impact of the COVID-19 pandemic, but the region is expected to return to growth this year.