Nasdaq Dubai welcomes $1 billion Sukuk listing by RAK government

The Sukuk, due in 2035, has been issued under the S92 billion Trust Certificate Issuance Programme of RAK Capital

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Nasdag Dubai welcomed the listing of the Government of Ras Al Khaimah's, acting through the Investment and Development Office of Ras Al Khaimah (IDO), 10-year $I billion senior unsecured Sukuk at a profit rate of 5.038 per cent issued on March 5th, 2095.

The Sukuk, due in 2035, has been issued under the $2 billion Trust Certificate Issuance Programme of RAK Capital, a special-purpose vehicle affiliated with the Government of Ras Al Khaimah, and will support Ras Al Khaimah’s economic growth and infrastructure development plans.

The issuance attracted strong investor demand, with an orderbook exceeding $4.4 billion, indicating market confidence in Ras Al Khaimah’s economic stability and growth prospects.

Mohammed Sultan Al Qadi, Managing Director at the IDO, rang the market-opening bell at Nasdaq Dubai on behalf of the Government of Ras Al Khaimah to celebrate the listing in the presence Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM).