Abu Dhabi – Mubasher: RAK Properties teamed up with Commercial Bank of Dubai (CBD) to arrange an AED 2 billion financing facility, according to a press release.
The syndicated long-term financing facility will support the company’s growth trajectory to boost the development of green buildings in the region.
RAK Properties seeks to implement key 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.
Sameh Muhtadi, CEO of RAK Properties, said: "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.”
Rahul Jogani, CFO of RAK Properties, added: "This facility provides us with long term access to financing as we need it, allowing 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,” Jogani noted.
Bernd van Linder, CEO of CBD, Indicated: “This partnership reflects CBD’s commitment to empowering local enterprises and enabling key development projects in UAE that drive economic progress.”
In the first half (H1) of 2024, the ADX-listed company generated higher net profits at AED 89.05 million, compared to AED 88.18 million in H1-23.
