CAIRO: Dubai's government is currently planning to issue a dual-tranche Islamic bond imminently, which is expected to attract healthy investor demand; this, as the Gulf Arab emirate puts its 2009 debt debacle behind it. Dubai last tapped debt markets in 2011 when it issued a $500 million, 10-year bond with a five-year put option, giving investors the ability to redeem their investment ahead of maturity at full value. Emirates had mandated four banks Citigroup Inc., HSBC, National Bank of Abu Dhabi and Dubai Islamic Bank for a bond that could raise up to $1.5 billion, press statements posted on Tuesday. Helped by an economic revival in trade and tourism and its safe-haven status amid the Arab Spring civil uprisings, Dubai has been climbing back from the depths of its debt crisis. Dubai's 2012 budget has a deficit of $498 million, a smaller than 2011, as spending on development projects in the debt-laden Gulf Arab emirate dropped. The coming Islamic bonds “Sukuk” are Dubai's first Islamic bond since 2009. Initial guidance of bonds was seen around 5 and 6.5 percent.