RAK Properties’ Board of Directors to announce 1st half financial results on 28 July; company on track for next phase of growth

Press release

Published July 24th, 2013 - 04:46 GMT

Al Bawaba

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.

Background Information

RAK Properties

RAK Properties is a Public Joint Stock Company (PJSC) formed in 2005 with the support of the Government of Ras Al Khaimah (RAK).

Founded in line with the vision of His Highness Sheikh Saud Bin Saqr Al Qasimi, Ruler of Ras Al Khaimah, RAK Properties aims at supporting and promoting the economic growth of Ras Al Khaimah as well as assisting the emirate’s community development initiatives. RAK Properties will also maximize shareholders’ value through its development projects in the coastal and inland areas of Ras Al Khaimah.