The sukuk trust certificates have been issued by RAK Capital, a Cayman Islands special purpose vehicle. The issuance has been rated 'A' by both Standard & Poor's and Fitch.
Debashis Dey, Head of Capital Markets for the Middle East, comments:
"This drawdown is further evidence of investors returning to the region and the strengthening of the UAE capital markets. Clifford Chance is delighted to have had the opportunity to build on its relationship with Standard Chartered Bank as the arranger for the programme and joint lead manager for the issuance under this innovative Islamic sukuk programme."
David Dunnigan, Global Practice Leader for Capital Markets based in London comments, "This transaction underlines Clifford Chance's significant cross border capital markets and Shari'a compliant financing capabilities and exemplifies the integrated service Clifford Chance is able to provide across its London and Middle East offices."
The Clifford Chance team comprised David Dunnigan, Debashis Dey, Bilal Ahmad, Eric Green, Yara Fadayel, Miranda Harrison and Rafe Khokhar. Walkers provided Cayman law advice. The Dubai office and the London offices of Allen & Overy acted for the Government of Ras Al Khaimah.
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