RAK Properties and RAKBANK sign term loan agreement

RAK Properties has signed a Dh150 million term loan agreement with the National Bank of Ras Al Khaimah (RAKBANK) for its Bay Residences Project in Hayat Island, Mina Al Arab.

The agreement was signed by Mohammed Al Tair, acting chief executive officer of RAK Properties and Peter England, chief executive officer of RAKBANK. Bay Residences is a mixed use residential project in Hayat Island which will boost the portfolio of RAK Properties’ quality projects and enrich the quality of life in Ras Al Khaimah.

Hayat Island, one of the islands that comprise Mina Al Arab, has witnessed tremendous response since its launch. The project has attracted remarkable turnout from investors and buyers.

Mohammed Al Tair, acting chief executive officer, RAK Properties, said: “We are delighted to announce the signing of loan agreement with RAKBANK. This facility will boost investors’ confidence in the project and real estate market in Ras Al Khaimah. Bay Residence Project will add central elements to the overall design in Hayat Island and it will play a key role in attracting investors and end-users to this exceptional destination.”

On his part, Peter England, CEO of RAKBANK, said: “We are delighted to have partnered with RAK Properties for the financing of Dh150 million term loan agreement for its iconic project in Hayat Island. This lending 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 play an active role in the development of Hayat Island and Mina Al Arab in general.”

In a recent announcement, the real estate developer has reported a strong performance in terms of profits, revenues and asset value, with its profits increasing during the first half of this year by 348 per cent, reaching Dh119.8 million, compared to Dh26.7 million in the first half of 2020.

business@khaleejtimes.com