RAK Properties, Commercial Bank of Dubai forge strategic deal to support project development in Mina Al Arab
- 14 Oct 2024
RAK Properties today announced a strategic deal with Commercial Bank of Dubai (CBD), one of the leading banks in the UAE, to arrange an Dhs2 billion financing facility.
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.
The facility will 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.
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.
Sameh Muhtadi, CEO of RAK Properties, said, “Our agreement with Commercial Bank of Dubai is a pivotal milestone in RAK Properties’ 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.”
Rahul Jogani, 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, stated, “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.”
WAM
