RAK Properties And Commercial Bank Of Dubai (CBD) Seal AED 2Billion Strategic Finance Deal For Mina Al Arab Development

RAK Properties announced a strategic deal with Commercial Bank of Dubai (CBD) to arrange AED 2 billion syndicated facility to accelerate growth in Mina Al Arab. The facility will support RAK Properties’ current and future development projects, including several luxury hotels and residential communities within Mina Al Arab, while also providing essential long-term liquidity to ensure the company’s sustainable growth. This agreement strongly demonstrates CBD’s belief in RAK Properties that backs the nation’s ambitions and supports it in their growth plans.

The facility will fuel key development projects, including luxury hotels and residential projects across Mina Al Arab. This strategic investment will support development of green buildings and sustainable infrastructure in the region, targeting to achieve internationally recognized environmental certifications.

Sameh Muhtadi-CEO of RAK Properties, Rahul Jogani-CFO RAK Properties and Dr. Bernd van Linder-CEO Commercial Bank of Dubai alongwith other senior executives from both sides attended a signing ceremony last week to commemorate the strategic engagement.

RAK Properties envisions this alliance as a pivotal milestone achieved to drive their strategic growth journey to transform Ras Al Khaimah onto a premier destination for luxury living and investment. This facility is sure to provide RAK Properties with long term access to financing the dynamic growth needs without overextending their resources. It aims to offer a financial agility that is essential in managing large-scale developments like Mina Al Arab in Ras Al Khaimah and related sustainable development practices.

RAK Properties plays a pivotal role in achieving RAK Vision 2030, focusing on delivering economic, social, and environmental value contributing to the prosperous chronicle of Ras Al Khaimah. 

RAK Properties -Awards and recognitions 

  • Awarded ‘Developer of the Year’ 2023 by Construction Week Middle East.  
  • Bay Views Residences won the ‘Best Residential Project’ at the Design Middle East Awards 2023, where the residential development was recognized as the region’s best design and architecture.   
  • Quattro Del Mar was awarded the Best Mixed-Used Project at the prestigious Pillars of Real Estate Awards 2024.   

On the other hand, Commercial Bank of Dubai (CBD) takes pride in its commitment to empower local enterprises enabling key development projects in UAE that drive economic progress. They look forward to the continued investment in Mina Al Arab in Ras Al Khaimah as a leading destination for luxury living and sustainable growth.

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