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Rasmala Announces Acquisition Of Cove Rotana Resort In Ras Al Khaimah (3 June 2024)

Rasmala Investment Bank Limited ("Rasmala"), a leading alternative investment manager,announces that it hassuccessfully advised Cove Resort Holdings Limitedto acquire the Cove Rotana Resort in Ras Al Khaimah, UAE.Cove Resort Holdings Limited is an ADGM-based special purpose vehicle, wholly owned by Mr. Saqr Kamal Hasan.

Orascom Development Holding, the seller, built this five-starbeach resort consisting of 349 rooms in 2009. This top-tier resort is famous for its 600m-longprivate beach, upscale dining, and exquisite facilities. 

This acquisition comes at an ideal time as Ras Al Khaimah is becoming a key player in the UAE’s tourism and investment sectors, propelled by strong economic policies and promising growth forecasts.This acquisition isperfectly timed to capitalize on the exponential growth expected in Ras Al Khaimah’s tourist arrivals over the next 5 years.  

"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 is an ADGM domiciled special purpose vehicle, wholly owned by Mr. Saqr Kamal Hasan, a prominent UAE based businessman and investor. 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 providingexceptional hospitality experiences."

This acquisition builds on Rasmala’s expertise in originating and structuring direct real estate investments for itsclients. This transaction is expected to close by September 2024, subject to the satisfaction of certain customary closing conditions.

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