PHOTO
Ras al Khaimah skyline. Northern Emirates emerge as real estate hotspots offering strong investment opportunities according to dubizzle’s annual property market reports. Image Courtesy: dubizzle
The price guidance is out for the Government of Ras Al Khaimah’s 10-year USD-denominated Reg S benchmark sukuk, which will be listed on Nasdaq Dubai.
The initial price thoughts (IPTs) for the category 2 structure are at Treasuries +120 basis points (bps) area. The settlement date is 12 March 2025.
RAK Capital is named sukuk trustee, with the Government of Ras Al Khaimah acting through its Investment and Development Office.
Proceeds are to be used for general government and budgetary purposes.
Banks mandated include the Abu Dhabi Commercial Bank, Citi, Emirates NBD Capital, First Abu Dhabi Bank, RAKBANK and Standard Chartered Bank, which have been appointed as Joint Global Coordinators.
Citi and Emirates NBD Capital also acting as Sukuk Structuring Agents.
The Government of Ras Al Khaimah has been rated A/A+ by S&P/Fitch both, with a stable outlook.
(Writing by Bindu Rai, editing by Brinda Darasha)
