Dubai, June 3, 2024: Rasmala Investment Bank Limited (“Rasmala”), a leading alternative investment manager, announces that it has successfully advised Cove Resort Holdings Limited to 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-star beach resort consisting of 349 rooms in 2009. This top-tier resort is famous for its 600m-long private 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 is perfectly 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 providing exceptional hospitality experiences.”
This acquisition builds on Rasmala’s expertise in originating and structuring direct real estate investments for its clients. This transaction is expected to close by September 2024, subject to the satisfaction of certain customary closing conditions.
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About the Rasmala Group
Rasmala Group is a leading alternative investment manager operating in global markets since 1999. It invests directly and alongside Gulf-based institutional investors including banks, pension funds, endowments, family offices, corporations, and government institutions. Rasmala Investment Bank Limited (RIBL) is based in the Dubai International Financial Centre and regulated by the Dubai Financial Services Authority (DFSA) and is a wholly owned subsidiary of the Rasmala Group. For further details, please visit www.rasmala.com.
About Cove Rotana Resort – Ras Al Khaimah, UAE
Located about 8 km from the center of Ras Al Khaimah and 20 km from Ras Al Khaimah International Airport, the Cove Rotana Resort is a five-star property offering a lavish experience with breathtaking views of the Arabian Gulf. The resort spans approximately 289,955 sqm and features 600 meters of pristine beachfront. It boasts 429 keys, including 349 rooms and 80 luxurious 1, 2, and 3-bedroom villas, catering to both families and groups. The resort’s amenities include multiple dining options, three meeting rooms, a gym, five swimming pools, and a comprehensive wellness center with four spa rooms.
About Cove Resort Holdings Limited
Cove Resort Holdings Limited, wholly owned by Mr. Saqr Kamal Hasan, a distinguished businessman with extensive background in the banking industry coupled with a rich family heritage in the hospitality sector. Mr. Hasan has successfully leveraged his expertise to acquire strategic investments and drive growth. His deeply-rooted understanding of the hospitality sector, inherited from his family’s longstanding involvement, has enabled him to excel in luxury hospitality investments. His strategic vision and leadership continue to make a significant impact in both the banking and hospitality industries.