Posted by Bob Brunskill
Authorities in Ras Al Khaimah are looking to sell equity in some of the emirate's 16 government-related companies as a means of stabilising state finances, an official has confirmed.
Jim Stewart, chief executive of Ras Al Khaimah's Investment and Development Office, told Zawya Dow Jones the government is planning to restructure its $1.36 billion debt after funding a series of development projects with Islamic bonds.
He confirmed that while investors will share equity in some government sponsored companies, such firms may also be able to sell shares to the public in a few years.
According to the newswire, such plans are part of Ras Al Khaimah's aim to reduce its "modest debts" and secure a sound financial footing for the emirate.
"We built up this emirate on a needs-basis," commented Mr Stewart. "We haven't just gone out and built things. Most of the work we're doing is an expansion of our assets."
Meanwhile, the 'Global Snapshot' report from the international recruitment firm Antal revealed this week that hiring levels in the professional and managerial sector of the Gulf region are seeing a strong resurgence.