Ras Al Khaimah picks banks for potential sukuk issue

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The emirate of Ras al Khaimah, one of the seven members of the United Arab Emirates, has picked five banks to arrange a series of meetings with fixed income investors ahead of a possible Islamic bond issue, lead managers said on Monday.

RAK, through its Investment and Development Office, will hold roadshows beginning on Wednesday, with a US dollar-denominated sukuk issue following subject to market conditions, the document from leads said.

Abu Dhabi-based Al Hilal Bank, Citigroup, Dubai's Mashreq, National Bank of Abu Dhabi and Standard Chartered have been chosen to arrange the meetings, which will take place in Singapore, Kuala Lumpur, the UAE and London.

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