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RAK Properties secures $150m loan

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Sunday, 06 September 2009
MEGA PROJECT: An artist's impression of RAK Properties' Mina Al Arab project.
MEGA PROJECT: An artist's impression of RAK Properties' Mina Al Arab project.

Abu Dhabi listed developer RAK Properties on Sunday announced it had secured a $150 million loan to help finance and support its projects.

The loan, obtained from Investment & Development Office (IDO), is set to mature in five years, said Mohammed Sultan Al Qadi, managing director and CEO of RAK Properties in a statement on the website of the Abu Dhabi Securities Exchange. He did not given any details about which specific projects the financing would support.

Al Qadi added that the company's projects were proceeding well with working continuing on the flagship AED10bn Mina Al Arab development. The project, which is slated for completion in 2012, is being developed over a beachfront and includes islands, mangroves, landscaped areas and parks as well as a cluster of 3,500 homes and a marina.


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The coastal wetlands included in the project are being designed to provide an eco zone for marine life.

More than 400 projects worth $300 billion have been placed on hold or cancelled in the UAE, Dubai-based research firm Proleads Global said in July.

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Last Price:

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-0.02-2.82%

19 Nov 2009 09:59 GMT
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    21 Nov ' 09 at 10:22
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    this is great news really makes sense, especially since Small & Medium Enterprises actually make UAE. I sincerely hope that this is...   More  »

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