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Sunday, 15 March 2009

Rakia applies for S&P credit rating

Ras Al Khaimah Investment Authority (Rakia) has mandated Standard and Poor's for a credit rating in an effort to attract more investment into the emirate, a top government official said.

"We are going in for a credit rating and have appointed S&P for the purpose. The rating should not be viewed as our plans to tap the fund market, but is to show the world how safe Ras Al Khaimah is for investment. We expect to get the rating in the next three to four months," Dr Khater Massad, Chief Executive Officer of Rakia, told Emirates Business.

Ruling out plans for overseas expansion for Rakia, he said: "It was a directive from emirate's top leadership to invest and develop the emirate. And we are now concentrating on development of RAK."