RAK Properties Partners With Commercial Bank Of Dubai For AED 2 Billion Financing To Boost Mina Al Arab Developments

RAK Properties has entered into a strategic partnership with Commercial Bank of Dubai (CBD) to secure a financing facility worth AED2 billion. This long-term syndicated facility aims to support RAK Properties' growth plans and promote the development of eco-friendly buildings in the region. The financial backing will aid current and future projects, including luxury hotels and residential communities within Mina Al Arab, ensuring sustainable growth for the company.

The financing facility will bolster RAK Properties' ongoing and upcoming development initiatives. It will provide necessary liquidity for projects like luxury hotels and residential areas in Mina Al Arab. This agreement highlights CBD's confidence in RAK Properties' market position and long-term vision, paving the way for continued success in Ras Al Khaimah's real estate sector.

Sameh Muhtadi, CEO of RAK Properties, remarked on the significance of this agreement with CBD. "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," he stated. The facility will enable expansion plans, delivering value to stakeholders and contributing to the emirate’s economic development.

Rahul Jogani, CFO of RAK Properties, emphasized the importance of this financial arrangement. "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," he said. The flexibility offered by this facility is crucial for managing large-scale developments like Mina Al Arab while maintaining sustainable growth.

Dr. Bernd van Linder, CEO of Commercial Bank of Dubai, expressed pride in supporting national ambitions through this partnership. "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," he stated. This collaboration underscores CBD’s dedication to empowering local enterprises and facilitating key development projects that drive economic progress in the UAE.

The collaboration between RAK Properties and CBD signifies a strong commitment to advancing Ras Al Khaimah as a hub for luxury living and sustainable development. With this financial support, both entities aim to contribute significantly to the region's economic landscape while promoting environmentally friendly construction practices.

With inputs from WAM