RAK Properties has entered into a partnership with Commercial Bank of Dubai (CBD), a premier bank in the UAE, to arrange an AED2 billion ($544.5 million) financing facility.
The long term financing facility will support RAK Properties’ ambitious growth plans, and accelerate the development of green buildings in the region.
The financing facility will support RAK Properties’ current as well as future development projects, including several luxury hotels and residential communities within Mina Al Arab. In addition to this, it will also offer essential long-term liquidity for the company’s sustainable growth.
This agreement also highlights CBD’s belief in RAK Properties’ long-term vision and thriving market position, setting the stage for continued success in Ras Al Khaimah’s real estate sector.
Sameh Muhtadi CEO – RAK Properties
“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 realizing our vision for Mina Al Arab as we move forward with our developments.”
Rahul Jogani, CFO of RAK Properties, stated that, “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, added that, “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.”
