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Al Hamra secures $230mn funding deal

Seven-year deal will provide finance for new projects

Al Hamra Village.
Al Hamra Village.

Al Hamra Real Estate Development has agreed a $230mn (AED850mn) funding deal with a syndicate of international and local banks.

The developer of the Al Hamra Village and Falcon Islands projects in Ras Al Khaimah said the money would be used to refinance existing debt and provide cash for new projects.

The funding was arranged by Goldman Sachs, with 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 all providing funding.

Behzad Khan, head of finance at Al Hamra Real Estate Development, said: “The financing facility not only provides funding for the growth and the expansion of our developments, it also reinforces the company's solid financial stature. We can now look forward to being able to add to our existing offering of luxury real estate."

Al Hamra Real Estate has recently launched Bayti, an extension to its existing Al Hamra Village containing 118 townhouses. It appointed local contractor Al Karmel Building Construction to build these earlier this month.

It is also preparing tenders for the $272mn (AED1bn) Falcon Islands project containing 150 villas on a manmade island next to the village. Tenders for the main $163.6mn (AED600mn) package of works are expected to be issued next month (July).

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Construction Week - Issue 751
Oct 13, 2019