RAK Properties Secures AED2 Billion Financing from Commercial Bank of Dubai for Mina Al Arab Developments

Dubai: RAK Properties: RAK Properties has entered into a strategic partnership with Commercial Bank of Dubai (CBD) to secure a long-term financing facility worth AED2 billion. This significant financial collaboration aims to bolster RAK Properties' development initiatives, particularly in the luxury and residential sectors within Mina Al Arab, a key area in Ras Al Khaimah. The deal not only ensures the provision of essential long-term liquidity but also underscores CBD's confidence in RAK Properties' vision and market position. According to Emirates News Agency, the agreement between RAK Properties and CBD is designed to support the former's ambitious growth plans and enhance the development of green buildings in the region. This strategic move is set to accelerate RAK Properties' projects, which include the construction of several luxury hotels and residential communities. The financing facility is a testament to the ongoing partnership and shared goals between the two entities, aiming to promote sustainabl e growth and economic development in Ras Al Khaimah. Sameh Muhtadi, CEO of RAK Properties, highlighted the importance of the deal, stating, "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." He emphasized that the financial backing from CBD is crucial for driving the company's expansion plans and delivering substantial value to stakeholders. Rahul Jogani, CFO of RAK Properties, also commented on the financial implications of the deal, noting that it provides the company with the necessary long-term financing to meet project demands and growth opportunities effectively. This arrangement allows for financial agility, which is vital for managing large-scale developments such as those planned in Mina Al Arab. Dr. Bernd van Linder, CEO of Commercial Bank of Dubai, expressed pride in supporting national ambitions and empowering local enterprises through such finan cial partnerships. He reaffirmed CBD's commitment to fostering significant development projects that contribute to the UAE's economic progress, particularly emphasizing the continued investment in Mina Al Arab as a leading destination for luxury living and sustainable development.