DUBAI: RAK Properties has recently announced a significant strategic partnership with the Commercial Bank of Dubai (CBD), securing a financing facility amounting to AED2 billion.
The syndicated long-term financing is poised to play a crucial role in supporting the company’s ambitious growth trajectory while simultaneously enhancing the development of green buildings within the region.
The financial facility will underpin RAK Properties’ current and future development initiatives, particularly in the creation of luxury hotels and residential communities in Mina Al Arab.
By providing essential long-term liquidity, this agreement not only facilitates the company’s expansion plans but also ensures sustainable growth, thereby reinforcing RAK Properties’ position within the dynamic real estate sector of Ras Al Khaimah.
Sameh Muhtadi, CEO of RAK Properties, emphasised the importance of this agreement, describing it as a pivotal milestone in the company’s strategic growth journey.
Vital enabler
He articulated a vision to transform Ras Al Khaimah into a premier destination for luxury living and investment, asserting that the financial resources afforded by this facility will be instrumental in delivering stakeholder value and contributing to the emirate’s economic development. The enduring relationship with CBD, he noted, remains a vital enabler in realising the vision for Mina Al Arab.
Echoing this sentiment, Rahul Jogani, CFO of RAK Properties, highlighted the facility’s provision of long-term access to financing, which is essential for responding swiftly to project demands and growth opportunities. This financial agility is critical for managing large-scale developments, ensuring that the company remains on a sustainable growth path.
Dr. Bernd van Linder, CEO of Commercial Bank of Dubai, expressed pride in supporting RAK Properties through this financial facility, underscoring CBD’s commitment to empowering local enterprises and facilitating key development projects that drive economic progress in the UAE. The partnership is expected to enhance Mina Al Arab’s status as a leading destination for luxury living and sustainable growth.
