Complex Made Simple

RAK Properties settles $22.33 million loan prior to maturity

The Abu Dhabi market index ADXGI advanced 0.30 per cent to hit 4,290.30 points on the ultimo of 2013. The gauge gained 72.85 per cent in 2013. Union Cement Company surged 14.55 per cent (top gainer) to hit Dhs1.89. Green Crescent Insurance Industry posted the biggest drop, ending down 9.72 per cent to Dhs1.30. Ras al-Khaima (RAK) Properties slipped one per cent to Dhs0.98. Earlier in the day, the biggest developer of the emirate of RAK, said it settled a loan worth $22.33 million. The loan was granted by the Investment and Development Office Government of RAK and is due in July 2014. The developer opted to settle the loan and pay an early settlement fee.

Gérard Al-Fil