DUBAI: Al Hamra Real Estate Development, based in the emirate of Ras Al Khaimah, has obtained an 850 million dirham ($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. (Reuters)