Ras al-Khaimah Starts Marketing Sukuk, Bankers Say

Ras al-Khaimah, one of the seven sheikhdoms in the United Arab Emirates, started investor meetings to sell Islamic bonds, two bankers and an investor said.

Standard Chartered Plc and BNP Paribas are managing the sale, said the bankers who declined to be identified before the transaction is completed. The lead managers are meeting with investors in Dubai today, an investor who participated said.

Sales of Islamic bonds, or sukuk, picked up after plunging in 2008 as tumbling crude oil prices sapped demand from the Middle East. Saudi Electricity Co., the state-controlled power producer, sold 7 billion-riyal ($1.87 billion) worth of sukuk last month in the biggest offer this year. Sukuk worth $13.9 billion were sold last year, following a record $31 billion in 2007, Bloomberg data show. Sales have reached $6.7 billion so far this year.