ARAB BANK PLC SIGNS MOU WITH AL HAMRA VILLAGE RESORT

RAS AL KHAIMAH-catching the growing interest of investors eyeing Ras Al Khaimah as the current hot investment and residential hub in the UAE, Arab Bank PLC recently signed a Memorandum Of Understanding (MOU) with the Al Hamra Real Estate Development Group to provide investors with financing packages.

The MOU was signed by Zakaria M. Hammouri, head of Credit and Delinquency Control for Arab Bank's Retail Banking Department and Frederic Piras, General Manager of the Al Hamra Real Estate Development LLC. According to Hammouri, Arab Bank will be on hand to provide "Al Hamra's clients with suitable financial packages to help them start up their investments in Al Hamra Village, "he said. Hammouri also stated that they are very confident with Ras Al Khaimah's development into one of the most ideal destinations for business and leisure in the UAE further noting that "RAK has very big potential." Piras, went on to say, that Arab Bank's recent MOU signing with Al Hamra bolsters the growing confidence of Banking institutions with the Al Hamra Development Project.

Zakaria M. Hammouri (left) head of Credit and Delinquency Control for Arab Bank's Retail Banking Department and Frederic Piras, General Manager of the Al Hamra Real Estate Development (AHRE) are seen signing the MOU at the AHRE offices in Ras Al Khaimah.

"There are a growing number of Banking Groups available to support Al Hamra's clients with their individual financing requirements, "he revealed.

Piras stated that 95% of the residential units from the first two phases of Al Hamra Village have already been sold out, and that phase 3 section is moving very quickly.

Located to the south of Ras Al Khaimah city, the 5 million square meter expanse is a picturesque sight that is set around salt water lagoons, a championship golf course and its own marina. Al Hamra Village has a clear aim to offer the finest quality luxury residential properties which are surrounded by beautiful natural areas combined with modern amenities at very affordable prices. Conservatively speaking, investors can expect 15 - 20% appreciation per annum. However, the resort has enjoyed 40% appreciation per annum over the last two years. Properties prices are still considered to be only 60% of Dubai property prices.

The realization of the government's vision for Ras Al Khaimah is aided by the drafting of clear legal guidelines, making land ownership flexible, offering aid in feasibility and supported by direct sustainable construction; all of which is in a tax free environment.

Al Hamra Village leaves its residents with the promise of choosing their own lifestyle with the assurance that they are living in a safe and secure community that offers excellent amenities and that makes living there, a lifestyle choice.

About Ras Al Khaimah: Ras Al Khaimah, the northern most emirate of the United Arab Emirates, offers multi-faceted tourism and residential destination including rugged mountains, 64 kilometers of pristine and virgin beach and the very best in beautiful and unexplored desert landscape, all at close proximity to each other. Ras Al Khaimah is a pleasant 50 minutes drive from Dubai International Airport. The Emirate has consistently been progressive in the recent past under the visionary patronage of HH Sheik Saud Bin Saqr Al Qassimi, Deputy Ruler of Ras Al Khaimah. Ras Al Khaimah is a fascinating destination for those who want something different.

For more information Contact:

William Faria
Cell No +971 50 3957502