RAK Properties has announced a strategic partnership with the Commercial Bank of Dubai (CBD), a prominent bank in the UAE, to secure a financing facility worth AED2 billion ($544.5 million).
This syndicated long-term financing will boost RAK Properties’ ambitious growth plans while facilitating the development of eco-friendly buildings in the region.
Funding future projects
The funding will support both current and future projects by RAK Properties, which includes a range of luxury hotels and residential communities in Mina Al Arab. Additionally, it will provide vital long-term liquidity to ensure the company’s sustainable expansion.
This agreement underscores CBD’s confidence in RAK Properties’ long-term vision and robust market presence, paving the way for ongoing success within Ras Al Khaimah’s thriving real estate market.
Strengthening partnerships
Sameh Muhtadi, CEO of RAK Properties, stated that the partnership with Commercial Bank of Dubai marks a significant step in RAK Properties’ growth strategy, aiming to position Ras Al Khaimah as a top destination for luxury living and investment. He mentioned that the facility equips them with the financial means to pursue their expansion objectives, delivering value to stakeholders and contributing to the emirate’s economic progress. He emphasized that their strong relationship with CBD remains instrumental in advancing their vision for Mina Al Arab as they proceed with developments.
Financial flexibility for project management
Rahul Jogani, CFO of RAK Properties, noted that the facility grants them long-term financial access as needed, allowing them to swiftly address project demands and seize growth opportunities without stretching resources. Moreover, he indicated that it provides the financial flexibility crucial for managing large-scale projects like Mina Al Arab, ensuring they remain on a sustainable growth trajectory.
Commitment to local development
Dr. Bernd van Linder, CEO of Commercial Bank of Dubai, expressed pride in supporting the nation’s ambitions and aiding RAK Properties in their growth initiatives through this financial arrangement. He further remarked that the partnership exemplifies CBD’s dedication to empowering local businesses and facilitating key development projects in the UAE that drive economic advancement. Additionally, he looked forward to continued investments in Mina Al Arab, establishing it as a premier destination for luxury living and sustainable growth.
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