FINANCIAL NEWS

Report: Ras Al Khaimah plans $500m bond issue

17 Oct 2010

(MENAFN) The government of Ras Al Khaimah, which has an A rating from Fitch and Standard & Poor’s, is planning a bond issue worth at least $500 million, Reuters reported.

A government official in Ras Al Khaimah said the emirate was planning to reduce its debt towards the end of the year.

In May 2008, Ras Al Khaimah announced an Islamic bond programme worth up to $2 billion to fund infrastructure projects and launched the first, $272m tranche in the same month.

Last year, the emirate issued another $400m worth of sukuk.

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