Formal roadshows will go to Dubai and Bahrain while informal meetings with potential investors will be held across the GCC. Subscription will last from 16-30 June, with the issue expected in mid-July. Moody's Investors Service has assigned the bond a Baa3 rating, while Fitch has given it a long term BBB rating.

The funds raised will be used for general corporate purposes and to ease asset/liability mismatches. A similar 10-year, RO 15 million ($38.5 million) bond, launched in June 2003 attracted subscription of about $175 million, and is currently trading at a yield of about 5.7 per cent.