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CBD gets mandate from Rak Properties for AED 2 bn facility: Real estate developer Ras Al Khaimah Properties (Rak Properties) has mandated the Commercial Bank of Dubai (CBD) to arrange a AED 2 bn syndicated facility to fund the buildout of residential and hotel projects in Mina Al Arab, according to an ADX disclosure (pdf).
Where will the money go? The fund will be dedicated to developing luxury hotels and residential communities, including green buildings. A portion of this amount will also be allocated to providing long-term liquidity to the company.
REMEMBER- Rak Properties partnered with Minor Hotels to introduce Anantara -branded residences on Mina al Arab in Ras Al Khaimah. The development will feature 94 apartments and 20 overwater villas.
