The Government of Ras al Khaimah is offering to buy back up to Dh2.2 billion (US$599 million) of debt in a bid to extend repayment of its borrowings and better co-ordinate its issuance of bonds and other debt.
The move comes as governments and companies across the Gulf vie to refinance old debts and push forward maturities to avoid a repeat of Dubai's debt crisis.
The offer, disclosed yesterday on the website of NASDAQ Dubai, will allow investors in $325m of Islamic bonds maturing in 2012 to either sell them for cash to the Ras al Khaimah Government's Investment and Development Office (IDO)or exchange them for new bonds issued by RAK Capital that mature in 2016."
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