RAK Properties, a leading property developer in Ras Al Khaimah, has forged a strategic deal with Commercial Bank of Dubai (CBD) to arrange a AED2 billion ($544 million) financing facility to support the project development work within its Mina Al Arab project.

 

The syndicated long-term financing facility will support RAK Properties' ambitious growth trajectory, as well as boost the development of green buildings in the region.

 

It will also support RAK Properties’ current and future development projects, including several luxury hotels and residential communities within Mina Al Arab, while also providing essential long-term liquidity to ensure the company’s sustainable growth, said RAK Properties in a statement.

 

This agreement also demonstrates CBD's belief in RAK Properties' long-term vision and strong market position, setting the stage for continued success in Ras Al Khaimah's dynamic real estate sector, it added.

 

Sameh Muhtadi, CEO of RAK Properties, said the deal with CBD is a pivotal milestone in its strategic growth journey to transform Ras Al Khaimah into a premier destination for luxury living and investment. 

 

"The facility will provide us with the financial resources needed to drive our expansion plans, allowing us to deliver value to our stakeholders and drive the emirate’s economic development. Our well-established relationship with CBD continues to be a key enabler in realising our vision for Mina Al Arab as we move forward with our developments," he added.

 

Rahul Jogani, the CFO of RAK Properties, said: "This facility provides us with long term access to financing as we need it, allowing us to respond rapidly to project demands and growth opportunities without overextending our resources. It offers the kind of financial agility that is essential in managing large-scale developments like Mina Al Arab, ensuring we maintain a sustainable growth path."

 

Dr Bernd van Linder, CEO of Commercial Bank of Dubai, said: "We are proud to be the bank that backs the nation’s ambitions and supports RAK Properties in their growth plans through this financial facility. This partnership reflects CBD’s commitment to empowering local enterprises and enabling key development projects in UAE that drive economic progress."

 

"We look forward to the continued investment in Mina Al Arab in Ras Al Khaimah as a leading destination for luxury living and sustainable growth," he added.-TradeArabia News Service