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Sharjah plans debut sukuk

Sharjah is planning its first foray into international bond markets with a debut sukuk deal, Reuters has reported, citing three bankers with knowledge of the matter. The emirate would become the UAE’s fourth to issue bonds. Apart from heavyweights Abu Dhabi and Dubai, Ras Al Khaimah has three sukuk notes outstanding and is probably the closest comparable issuer, bankers said. Sharjah is rated ‘A3’ by Moody’s and ‘A’ by Standard & Poor’s. Both agencies believe the emirate has a stable outlook.