RAK AMI Hotel, the UAE-based firm, has secured financing from the National Bank of Ras Al Khaimah (RakBank), to develop a new hotel project.

The financing will be mainly used for RAK AMI Hotel’s flagship project, Mövenpick Resort Al Marjan Island, reported Tradearabia.com.

This project comes with a gross development value of AED543m ($147m).

Construction of the project in Ras Al Khaimah has already commenced.

The financing deal was signed by RAK AMI Hotel chairman Abdulla Al Abdooli and the RakBank CEO Peter England.

Abdulla Al Abdooli was quoted by the news agency as saying: “Securing the financing is further validation of Ras Al Khaimah’s potential as a tourist destination and our organisation’s ability to develop world-class hospitality infrastructure. Ras Al Khaimah has outperformed others in the region in tourism performance, despite the challenges of the Covid-19 pandemic.

“We were the first city to be certified safe and have continued to welcome tourists, underpinned by a growth in domestic tourism. We are thankful to RakBank for their confidence and trust in us and we will leverage the financing for the on-schedule completion of the hotel and in creating a truly iconic resort.”

England said: “As an independent ADX listed entity, RakBank needs to compete directly with other banks to obtain business from all clients, including those based in Ras Al Khaimah, and we are delighted that RAK AMI Hotel chose RakBank over a number of other banks trying to secure this deal. At RakBank, we believe firmly in the vision of His Highness Sheikh Saud bin Saqr Al Qasimi, Member of the UAE Supreme Council and Ruler of Ras Al Khaimah, and are very excited to play an active role in the further development of Al Marjan Island.”

RAK AMI Hotel’s flagship project is being constructed in the heart of Al Marjan Island of the UAE.

It is slated to open in Q4 2021.

Once the hotel opens, it will add 418 hotel keys, and offer family rooms, suites and 28 beachfront chalets with private pools and gardens.