emirates7 - RAK Properties has announced a strategic agreement with the Commercial Bank of Dubai (CBD), one of the UAE's prominent banks, to secure a financing facility worth AED 2 billion.
This syndicated long-term financing arrangement will bolster RAK Properties' ambitious growth plans and promote the development of eco-friendly buildings in the region.
The facility will provide financial support for both current and upcoming projects, including multiple luxury hotels and residential communities within Mina Al Arab, while also offering essential long-term liquidity to ensure sustainable growth for the company.
The agreement underscores CBD's confidence in RAK Properties' long-term vision and strong market position, setting the foundation for ongoing success in Ras Al Khaimah's dynamic real estate sector.
Sameh Muhtadi, CEO of RAK Properties, described the partnership with CBD as a pivotal step in the company's strategic growth, aimed at transforming Ras Al Khaimah into a premier destination for luxury living and investment. He stated, "The facility will equip us with the necessary financial resources to drive our expansion plans, enabling us to value for stakeholders and contribute to the emirate's economic development. Our strong relationship with CBD remains a key factor in realizing our vision for Mina Al Arab as we progress with our projects."
Rahul Jogani, CFO of RAK Properties, emphasized, "This financing facility ensures long-term access to capital, allowing us to respond swiftly to project demands and growth opportunities without straining our resources. It provides the financial flexibility essential for managing large-scale developments like Mina Al Arab, ensuring we stay on a sustainable growth trajectory."
Dr. Bernd van Linder, CEO of Commercial Bank of Dubai, expressed pride in supporting national ambitions through this facility. He said, "This partnership highlights CBD's dedication to empowering local businesses and facilitating significant development projects in the UAE that promote economic growth. We are eager to see continued investment in Mina Al Arab, establishing Ras Al Khaimah as a hub for luxury living and sustainable development."
This syndicated long-term financing arrangement will bolster RAK Properties' ambitious growth plans and promote the development of eco-friendly buildings in the region.
The facility will provide financial support for both current and upcoming projects, including multiple luxury hotels and residential communities within Mina Al Arab, while also offering essential long-term liquidity to ensure sustainable growth for the company.
The agreement underscores CBD's confidence in RAK Properties' long-term vision and strong market position, setting the foundation for ongoing success in Ras Al Khaimah's dynamic real estate sector.
Sameh Muhtadi, CEO of RAK Properties, described the partnership with CBD as a pivotal step in the company's strategic growth, aimed at transforming Ras Al Khaimah into a premier destination for luxury living and investment. He stated, "The facility will equip us with the necessary financial resources to drive our expansion plans, enabling us to value for stakeholders and contribute to the emirate's economic development. Our strong relationship with CBD remains a key factor in realizing our vision for Mina Al Arab as we progress with our projects."
Rahul Jogani, CFO of RAK Properties, emphasized, "This financing facility ensures long-term access to capital, allowing us to respond swiftly to project demands and growth opportunities without straining our resources. It provides the financial flexibility essential for managing large-scale developments like Mina Al Arab, ensuring we stay on a sustainable growth trajectory."
Dr. Bernd van Linder, CEO of Commercial Bank of Dubai, expressed pride in supporting national ambitions through this facility. He said, "This partnership highlights CBD's dedication to empowering local businesses and facilitating significant development projects in the UAE that promote economic growth. We are eager to see continued investment in Mina Al Arab, establishing Ras Al Khaimah as a hub for luxury living and sustainable development."