• The facility will fuel key development projects, including luxury hotels and residential projects across Mina Al Arab.
  • Part of this facility will support the development of green buildings in the region, targeting to achieve internationally recognised environmental certifications.

Ras Al Khaimah, UAE: RAK Properties, Ras Al Khaimah’s leading publicly listed property developer, today announced a strategic deal with Commercial Bank of Dubai (CBD), one of the leading banks in the UAE, to arrange an AED 2 Billion financing facility. The syndicated long term financing facility will support RAK Properties' ambitious growth trajectory, as well as boost the development of green buildings in the region.

The facility will support RAK Properties’ current and future 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.

This agreement also demonstrates CBD's belief in RAK Properties' long-term vision and strong market position, setting the stage for continued success in Ras Al Khaimah's dynamic real estate sector.

Sameh Muhtadi, CEO of RAK Properties, said: "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. 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.”

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.”

Dr Bernd van Linder, CEO of Commercial Bank of Dubai, stated “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. We look forward to the continued investment in Mina Al Arab in Ras Al Khaimah as a leading destination for luxury living and sustainable growth.”

Senior executives from both sides attended a signing ceremony to commemorate the engagement.

About RAK Properties 

Founded in 2005 under the visionary leadership of His Highness Sheikh Saud Bin Saqr Al Qasimi, Ruler of Ras Al Khaimah, RAK Properties is a leading real estate developer committed to producing exceptional and sustainable destinations. Specializing in contemporary and meticulously crafted communities, RAK Properties integrates excellence, innovation, and nature to create enriching lifestyles in alignment with the aspirations of tomorrow’s people.   

RAK Properties plays a pivotal role in achieving RAK Vision 2030, focusing on delivering economic, social, and environmental value, all aimed at enhancing lives and places, and contributing to the prosperous narrative of Ras Al Khaimah.  

Awards and recognitions 

  • Awarded ‘Developer of the Year’ 2023 by Construction Week Middle East.  
  • Bay Views Residences won the ‘Best Residential Project’ at the Design Middle East Awards 2023, where the residential development was recognized as the region's best design and architecture.   
  • Quattro Del Mar was awarded the Best Mixed-Used Project at the prestigious Pillars of Real Estate Awards 2024.   

About Commercial Bank of Dubai 

Commercial Bank of Dubai was established in 1969 and is registered as a Public Shareholding Company (PSC). The Bank is listed on the Dubai Financial Market and is mostly owned by UAE Nationals including the Investment Corporation of Dubai (ICD). Over the years, Commercial Bank of Dubai has built itself into a progressive and modern Banking institution, endowed with a strong financial structure and strong management, as well as a loyal and ever-increasing customer and correspondent base. Today CBD is one of the leading banks in the United Arab Emirates and offers its customers a full range of retail and commercial banking products and services.