Hong Kong’s airport authority hopes to launch the territory’s first Islamic bond in the third quarter of this year, in a move that reflects the government’s determination to attract investment from the Middle East and south-east Asia.

“Hong Kong’s government hopes to develop the city as an Islamic centre, and we’ve got the qualifications to help lead this effort,” Stanley Hui, the authority’s chief executive, told Reuters, confirming a local media report. The authority, which operates Hong Kong International Airport on behalf of the government, will reportedly seek to raise up to $1bn through the offering.