Cove Rotana Resort in Ras Al Khaimah Set for New Ownership

Rasmala Investment Bank Limited (Rasmala), a prominent player in alternative investment management, announced today it had facilitated the acquisition of the Cove Rotana Resort in Ras Al Khaimah for Cove Resort Holdings Limited. The buyer, Cove Resort Holdings Limited, is an Abu Dhabi Global Market (ADGM)-based special purpose vehicle wholly owned by UAE businessman and investor Saqr Kamal Hasan.

This acquisition involves a five-star beachfront resort boasting 349 rooms, constructed in 2009 by Orascom Development Holding, the seller. The property is renowned for its extensive 600-meter private beach, providing guests with luxurious beachfront access. Cove Rotana Resort is known for its upscale dining options and a range of exceptional amenities, solidifying its position as a premier hospitality destination in Ras Al Khaimah.

Expressing his delight regarding the acquisition, Saqr Kamal Hasan emphasized the significance of welcoming Cove Rotana Resort into his portfolio. He acknowledged the resort's reputation for unparalleled service and luxury, highlighting its world-class offerings and breathtaking views that align perfectly with his dedication to providing exceptional hospitality experiences.

This transaction strengthens Rasmala's position as a leader in originating and structuring direct real estate investments for its clientele. The deal is anticipated to finalize by September 2024, subject to the fulfillment of customary closing conditions.

The acquisition comes at a time when Ras Al Khaimah is experiencing a surge in tourism and is positioned to become a key player within the UAE's tourism and investment sectors. This growth is attributed to the emirate's robust economic policies and promising forecasts for future development. Rasmala's involvement in securing Cove Rotana Resort signifies the growing investor confidence in Ras Al Khaimah's potential as a flourishing tourism hub.

The acquisition is expected to contribute to the continued development of Ras Al Khaimah's hospitality sector. With Cove Rotana Resort under new ownership committed to providing exceptional service, the resort is poised to maintain its position as a leading destination for luxury getaways in the emirate.

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