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RAK Properties agrees mortgage deal with CBI

06/07/2010 -
RAK Properties agrees mortgage deal with CBI

Posted by Bob Brunskill

Ras Al Khaimah-based developer RAK Properties has agreed a deal with Commercial Bank International (CBI) to offer mortgage financing for all villas in precinct four of Mina Al Arab, the company's biggest project in the emirate, it has been reported.

According to the Khaleej Times, CBI is to provide up to 90 per cent loan-to-value mortgages on the 93 villas and townhouses located in the residential precinct.

Mina Al Arab is divided into six distinct districts which, RAK Properties says, are designed to offer "an array of inviting activities and surroundings", which are "carefully crafted around the kind of experience residents and visitors wish to have at the destination, from resort hotels on the Arabian Gulf, beautiful homes, to the expansive beauty of ecological preserves, wetlands and beaches".

The CBI-supplied mortgages for precinct four could be for up to 20 years and will be open to both UAE nationals as well as expatriates.

In addition to its residential districts, Mina Al Arab features a lagoon, harbour and theme parks.ADNFCR-2019-ID-19876165-ADNFCR

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