RAK real estate firm gets $230m funding
Ras Al Khaimah, June 30, 2014
Ras Al Khaimah-based Al Hamra Real Estate Development said it has obtained a Dh850 million ($230 million) financing facility from international and local banks led by Goldman Sachs for its upcoming projects.
The privately-owned firm said the seven-year facility would be used to refinance existing debt and to finance planned new real estate projects. It did not reveal the terms of the facility.
Long a relative backwater in the economy of UAE, the northern emirates such as Ras Al Khaimah are now growing rapidly as wealth spreads from Abu Dhabi and Dubai.
Abu Dhabi Commercial Bank, Al Khalij Commercial Bank, Al Khaliji France, Arab Bank, Commercial Bank of Dubai, National Bank of Abu Dhabi and Union National Bank helped arrange the facility for Al Hamra.-Reuters