2013-07-23

Meeting to discuss loan payment of AED 100 million to RAK Investment and Development Office

Ras Al Khaimah, UAE, 23 July 2013: The Board of Directors of RAK Properties , Ras Al Khaimah’s biggest property developer listed on Abu Dhabi Stock Exchange, will meet on Sunday (28 July 2013) to announce the financial results of the first half of 2013.

The Board will also put up for discussion the mechanism of settling the loan payment of AED 100 million to Ras Al Khaimah Investment and Development Office. Moreover, the meeting will outline company’s plans for the second half of the year.

Mohamed Sultan Al Qadi, MD & CEO of RAK Properties , said: “In the light of the positive trends in the UAE real-estate sector and in keeping with the vision of Ras Al Khaimah government, we anticipate positive results due to our expanded operations and our recent diversification of services. We are pleased to announce that the company is dynamically poised for the next phase of growth.”

Recently, RAK Properties entered the retail industry and as a result leading retail names like ‘Choithram’, ‘Fitness First’ and ‘Costa Coffee’ have launched operations in the company’s projects.

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Editors Note:

RAK Properties, a Public Joint Stock Company listed on the Abu Dhabi Securities Market, is a real estate development company established to implement the emirate’s plans to promote real estate, tourism and leisure facilities in RAK and invest in interesting projects. It is intended that its activities will encourage economic growth in the UAE in general and Ras Al Khaimah in particular. The company launched its first project, Julfar Towers – a 45-storied twin office and residential project at a cost of AED 500 million – in February 2006 followed by Mina Al Arab – spread over 43 million sq. feet at a cost of AED 10 Billion – in May 2006. It also launched RAK Tower in Abu Dhabi at Cityscape Dubai.