Ajman Bank, Rasmala Ink $90m Deal For UAE Real Estate Portfolio

Ajman Bank, in collaboration with Rasmala Investment Bank Limited, an alternative investment manager, has announced the launch of Makaseb Real Estate Investments SPV Limited, domiciled in the Abu Dhabi Global Market (ADGM).
The first transaction under the new entity has resulted in the acquisition of a portfolio of UAE logistic and residential assets for a net purchase price of AED327 million ($90 million).
These assets have a combined built-up area of nearly 700,000 sq ft comprising 91 warehouses, located in Dubai Investments Park, and 10 apartments buildings located in Al Jurf, Ajman, a statement said.
The investment was financed through a combination of equity and a Sharia-compliant financing facility, with Ajman Bank participating in the transaction as a strategic seed investor and sole financier, it added.
Mohamed Amiri, CEO of Ajman Bank, said: “We are extremely pleased to partner with Rasmala in bringing unique innovative investment solutions to UAE investors.”
Zak Hydari, group CEO of Rasmala, added: “This transaction is a testament to our strong relationship with Ajman Bank and demonstrates our confidence in the UAE economy. In keeping with our mission, we have worked closely with Ajman Bank to structure and launch innovative products for UAE investors and for the first time utilising the ADGM platform.”
For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.
Emicool Secures First-ever Green Financing To Boost Sustainable Growth
The liquidity generated will be strategically deployed to accelerate the company’s district cooling projects across t... Read more
UAEs Ruya Becomes First Global Islamic Bank To Offer Shariah-compliant Crypto Trading
Digital Islamic bank ruya teams up with Fuze to offer secure, ethical crypto investments aligned with Islamic financial... Read more
Startups In Abu Dhabis Hub71 Secured $2.17bn In Funding Last Year
Hub71 startups in Abu Dhabi saw massive increase in funding in 2024 as innovation economy thrives Read more
UAE Fintech Pay10 First To Launch On Central Banks Open Finance Framework
The company has acknowledged the Central Bank of the UAE's crucial role in facilitating a responsible and secure rollou... Read more
PayPal Expands In MEA Region With Its Newly Launched Hub In Dubai
Will serve 80 countries in Middle East and Africa from its Dubai Internet City hub; Has signed several deals with regio... Read more
New Board Certifies DMCC Tradeflow As Fully Shariah Compliant
Shariah Supervisory Board appointed to oversee Tradeflow’s Islamic finance offering; Certified fully-compliant with A... Read more