UAE's Al Hamra Real Estate Gets $230m Financing
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UAE’s Al Hamra Real Estate Gets $230m Financing

UAE’s Al Hamra Real Estate Gets $230m Financing

The firm said the facility would be used to refinance existing debt and to finance planned new real estate projects.

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Al Hamra Real Estate Development, based in the emirate of Ras Al Khaimah, has obtained a Dhs850 million ($230 million) financing facility from international and local banks led by Goldman Sachs, the developer said on Monday.

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 the seven-member United Arab Emirates, northern emirates such as Ras Al Khaimah are now growing rapidly as wealth spreads from Abu Dhabi and Dubai.

Abu Dhabi Commercial Bank AD>, Al Khalij Commercial Bank QSC, Al Khaliji France, Arab Bank Plc, Commercial Bank of Dubai, National Bank of Abu Dhabi and Union National Bank helped arrange the facility for Al Hamra.


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