Ras Al Khaimah's landmark Cove Resort is sold by Orascom Development Holding

Dubai: The Rasmala Investment Bank dvised Cove Resort Holdings Ltd. - a special purpose vehicle - to acquire the Cove Rotana Resort in Ras Al Khaimah. Orascom Development Holding, who is the seller, built this beachside resort consisting of 349 rooms in 2009.

The resort is known for its 600 metre-long private beach, upscale dining options, and facilities.

An ADGM-based special purpose vehicle, the Cove Resort Holdings Ltd. is a, wholly owned by Saqr Kamal Hasan, a UAE-based businessman and investor.

"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," said a statement. "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 transaction is expected to close by September, subject to the 'satisfaction of certain customary closing conditions'.

"The successful signing of this agreement marks a significant milestone for all parties involved and opens a new chapter of growth and opportunity," saidd Ali Taqi, Chief Investment Officer at Rasmala.