Ratings agency Fitch is understood to have been courted for the rating along with at least one of the other two main international rating firms.

Currently, the Ras al-Khaimah Investment Authority (Rakia) is on an investor roadshow for a dollar-denominated sukuk issue of $500 million, which could also involve the fund being rated.

Dubai is understood to have had discussions with ratings agencies Fitch and Standard & Poor’s about acquiring its rating.

Standard & Poor’s has since ceased working on the rating, while Fitch will present its assessment to the government.