Ras Al Khaimah, the northernmost of the United Arab Emirates, acting through the Investment and Development Office of Ras Al Khaimah ("Ras Al Khaimah IDO") has closed a 10-year US$1 billion senior unsecured sukuk with a return rate of 5.038%. The sukuk was issued under the existing issuance programme by RAK Capital, a Cayman Islands incorporated company, and listed on Nasdaq Dubai.
Citi and Emirates NBD Capital acted as Structuring Advisors, while Abu Dhabi Commercial Bank, Citi, Emirates NBD Capital, First Abu Dhabi Bank, Rakbank and Standard Chartered Bank acted as Joint Global Coordinators.
The Walkers (Dubai) team, led by Ciaran Bohnacker (Partner) and Szymon Durlo (Senior Associate) advised Ras Al Khaimah IDO and RAK Capital on the Cayman Islands law aspects of the issuance.
Partner, Ciaran Bohnacker, remarked: "We are proud to have played an important role in facilitating this sukuk issuance. This transaction not only showcases our legal acumen but also our dedication to supporting our clients in achieving their strategic goals."
Walkers continues to provide ongoing support to Ras Al Khaimah IDO and RAK Capital from a Cayman legal and fiduciary perspective.