IslamicFinance.de

Ras Al Khaimah is planning to open books on a 10-year, US dollar-denominated sukuk – a sign of the local economy’s continued development. A document from lead arrangers Al Hilal Bank, Citigroup, J.P.Morgan and National Bank of Abu Dhabi outlines meetings have been arranged for investors, with the final one set for next Monday in London. It is thought that the emirate is planning a benchmark size offer, which could be upwards of $500 million (£337.4 million). Two years ago figures showed that property values in Ras Al Khaimah grew by 16%. With this ongoing investment, the strength of a sukuk, and with more people moving to the area to live as well as for vacations, investors could be set to see greater rates of returns over the next few years.