RAK Properties and RAKBANK sign term loan agreement – News
RAK Properties has signed a Dh 150 million term loan agreement with the National Bank of Ras Al Khaimah (RAKBANK) for its Bay Residences project on Hayat Island, Mina Al Arab.
The agreement was signed by Mohammed Al Tair, Acting Managing Director of RAK Properties and Peter England, Managing Director of RAKBANK. Bay Residences is a mixed-use residential project on Hayat Island that will strengthen RAK Properties’ portfolio of quality projects and enrich the quality of life in Ras Al Khaimah.
Hayat Island, one of the islands that make up Mina Al Arab, has seen a tremendous response since its launch. The project attracted a remarkable participation of investors and buyers.
Mohammed Al Tair, Acting Managing Director of RAK Properties, said: “We are delighted to announce the signing of a loan agreement with RAKBANK. This facility will strengthen investor confidence in the project and the real estate market in Ras Al Khaimah. The Bay Residence project will add central elements to the overall design of Hayat Island and play a key role in attracting investors and end users to this exceptional destination.
For his part, Peter England, CEO of RAKBANK, said: “We are delighted to have partnered with RAK Properties for the financing of a term loan agreement of Dh 150 million for its emblematic project on the island of Hayat. This loan facility is in line with our strategy of supporting the economic growth and real estate market of our home emirate and we look forward to playing an active role in the development of Hayat Island and Mina Al Arab in general. .
In a recent announcement, the real estate developer reported a strong performance in terms of earnings, revenue and asset value, with profits rising 348% in the first half of this year to reach $ 119.8 million. of Dh, against 26 Dh. 7 million in the first half of 2020.