RAK Properties has partnered with the Commercial Bank of Dubai (CBD) to arrange an AED2 billion financing facility.
The syndicated long-term financing facility will support RAK Properties’ ambitious growth trajectory and boost the development of green buildings in the region.
“Our agreement with Commercial Bank of Dubai is a pivotal milestone in RAK Properties’ strategic growth journey to transform Ras Al Khaimah into a premier destination for luxury living and investment,” said Sameh Muhtadi, CEO of RAK Properties.
“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.”
The facility will support RAK Properties’ current and future development projects, including several luxury hotels and residential communities within Mina Al Arab, while providing essential long-term liquidity to ensure the company’s sustainable growth.
“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 UAE that drive economic progress,” said Dr. Bernd van Linder, CEO of Commercial Bank of Dubai.
