Rak Properties Gets $150 Million Loan For Projects Sunday, September 06, 2009
 RAK Properties said on Sunday it has been granted a $150 million five-year loan for financing projects from the Investment Development Office (IDO). Mohammad Sultan Al Qadi, managing director of the IDO and the property developer's chief executive, said in a statement the loan would be used for the company's existing and future projects. The IDO is the entity behind a $2 billion Islamic bond programme in Ras Al Khaimah. In May 2008, the emirate sold sukuk worth Dh1 billion ($272.3 million) aimed at financing infrastructure development and raised $400 million for the second tranche in July. Al Qadi told Reuters in April the firm planned to raise between $150 million and $200 million in the fourth quarter either by issuing bonds or taking bank loans for developments in Abu Dhabi and Ras Al Khaimah. Source: Gulf News
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