Rasmala Acquires Ras Al Khaimah Cove Rotana Resort

Rasmala Investment Bank Limited “Rasmala”, a prominent alternative investment manager, proudly announces its successful advisory role in Cove Resort Holdings Limited's acquisition of the Cove Rotana Resort in Ras Al Khaimah, UAE. Cove Resort Holdings Limited, a special-purpose vehicle-based in ADGM, is fully owned by Mr. Saqr Kamal Hasan. Originally developed by Orascom Development Holding in 2009, this luxurious five-star beach resort features 349 rooms, a 600-meter private beach, fine dining options, and premium facilities. This acquisition is strategically timed as Ras Al Khaimah is emerging as a significant player in the UAE's tourism and investment sectors, driven by robust economic policies and optimistic growth projections. It aims to leverage the anticipated surge in tourist arrivals to Ras Al Khaimah over the next five years.

Strategic Implications

“The successful signing of this agreement marks a significant milestone for all parties involved and opens a new chapter of growth and opportunity,” commented Ali Taqi, Chief Investment Officer at Rasmala.

Cove Resort Holdings Limited, wholly owned by the esteemed UAE businessman and investor Mr. Saqr Kamal Hasan, is domiciled in ADGM. Mr. Hasan conveyed his enthusiasm regarding the acquisition: “We are delighted to welcome The Cove Rotana Resort into our esteemed portfolio. This property represents more than a resort; it's a testament to unparalleled luxury and service. Its world-class amenities and breathtaking views perfectly reflect our dedication to providing exceptional hospitality experiences.”

This transaction underscores Rasmala’s proficiency in originating and structuring direct real estate investments for its clients. The deal is expected to close by September 2024, pending the fulfilment of customary closing conditions.