Ras Al Khaimah opens books for dollar sukuk

Dubai: The emirate of Ras Al Khaimah has opened books for a potential US dollar-denominated 10-year sukuk offer, which could price as early as Tuesday, a document from lead arrangers showed.

Al Hilal Bank, Citigroup, JP Morgan and the National Bank of Abu Dhabi are arranging the investor meetings, which end in London on Monday.

Issuance from the emirate, one of seven which make up the United Arab Emirates, has been rare. The fourth-largest emirate has been enjoying strong budget surpluses since 2009, helped by government-led construction projects and expansion of the tourism sector.

Ras Al Khaimah is planning a benchmark size offer, traditionally understood to mean upwards of $500 million (Dh1.83 billion).