Alternative investment manager Rasmala Investment Bank announced that it advised UAE’s Cove Resort Holdings in its acquisition of the Cove Rotana Resort, located in the emirate of Ras Al Khaimah from Egypt-headquartered Orascom Development Holding.

Cove Resort Holdings is an ADGM-based special purpose vehicle wholly owned by UAE based businessman and investor Saqr Kamal Hasan.

The transaction value wasn’t disclosed but a Rasmala statement said the deal is expected to close by September 2024 subject to the satisfaction of certain customary closing conditions.

Orascom Development built the five-star beach resort consisting of 349 rooms in 2009.

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

The acquisition builds on Rasmala’s expertise in originating and structuring direct real estate investments for its clients and taps into Ras Al Khaimah emergence as  a key player in the UAE's tourism and investment sectors, the statement noted.

Ras Ak Khaimah has set an ambitious target of 1.35 million international visitors by the end of 2024 after welcoming a record 1.22 million visitors in 2023, said Raki Phillips, CEO of Ras Al Khaimah Tourism Development Authority (RAKTDA) in a May 2024 interview with UAE newspaper Aletihad.

(Editing by Anoop Menon) (

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