The deal, which is guaranteed by the emirate of Ras al-Khaimah, is being coordinated by Credit Suisse.

WestLB is acting as bookrunner and lead arranger, with Riyad Bank and First Gulf Bank also acting as lead arrangers.

The debt will have a three-year tenor, will be split between dollar and dirham tranches and is expected to be priced at 175 basis points over the London interbank offered rate (libor).

Ras al-Khaimah has been rated A by Standard & Poor’s.

Roadshow meetings are expected to take place in Dubai on 19 August and in London on 20 August.