Commercial Bank of Dubai (CBD) will help arrange an AED2 billion ($540 million) financing facility for RAK Properties’ ambitious growth trajectory and support Ras Al Khaimah’s premier property developer’s current and future development projects.
The syndicated long-term financing facility will also support RAK Properties’ plans to develop green buildings in the region, as well as several luxury hotels and residential communities within Mina Al Arab.
Sameh Muhtadi, CEO of RAK Properties, commented: “Our agreement with Commercial Bank of Dubai is a milestone in RAK Properties’ strategic growth journey to transform the emirate into a premier destination for luxury living and investment.
“The facility will provide us with the financial resources needed to drive our expansion plans, allowing us to deliver value to our stakeholders and drive the emirate’s economic development. Our well-established relationship with CBD continues to be a key enabler in realising our vision for Mina Al Arab as we move forward with our developments.”
Speaking on the importance of the deal, Rahul Jogani, CFO of RAK Properties, added: “This facility provides us with long-term access to financing as we need it. It allows us to respond rapidly to project demands and growth opportunities without overextending our resources. It offers the kind of financial agility that is essential in managing large-scale developments like Mina Al Arab, ensuring we maintain a sustainable growth path.”
Dr Bernd van Linder, CEO of Commercial Bank of Dubai, said: “We are proud to be the bank that backs the nation’s ambitions and supports RAK Properties in their growth plans through this financial facility. This partnership reflects CBD’s commitment to empowering local enterprises and enabling key development projects in the UAE that drive economic progress.”
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