UAE's Al Hamra Real Estate gets $230m funding

Developer says it will use seven-uear facility to refinance debt and finance new projects

A general shot of Ras Al Khaimah. (For illustrative purposes only)

A general shot of Ras Al Khaimah. (For illustrative purposes only)

Al Hamra Real Estate Development, based in the emirate of Ras Al Khaimah, has obtained an AED850 million ($230 million) financing facility from international and local banks led by Goldman Sachs, the developer said on Monday.

The privately owned firm said the seven-year facility would be used to refinance existing debt and to finance planned new real estate projects. It did not reveal the terms of the facility.

Long a relative backwater in the economy of the seven-member United Arab Emirates, northern emirates such as Ras Al Khaimah are now growing rapidly as wealth spreads from Abu Dhabi and Dubai.

Abu Dhabi Commercial Bank AD>, Al Khalij Commercial Bank QSC, Al Khaliji France, Arab Bank Plc,Commercial Bank of Dubai, National Bank of Abu Dhabi and Union National Bank helped arrange the facility for Al Hamra.

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