The signing ceremony was held at Cityscape 2006 and was attended by Eng. Salah Salem Bin Omair Al Shamsi, Chairman and Managing Director, Al Qudra Holding and Mohammed Sultan Al Qadi, Managing Director of RAK Properties.
This strategic partnership that AQRE has established with RAK Properties, will allow the company to take part in developing residential and commercial properties in order to meet the rising demand on real estate in the RAK emirate. AQRE will be jointly developing RAK properties recently launched projects, Mina Al Arab, Julfar Towers and future projects to come.
On the occasion of signing the MOU, Eng. Al Shamsi said, "I am very delighted with this new initiative we have with RAK Properties. AQRE has the required expertise, resources and support needed to develop these projects in the Emirate. As we are motivated to serve the country, we aim to be successful and I am confident that massive profits will be generated through this strategic partnership."
"The agreement comes in line with RAK Properties mission of developing the emirate of Ras al Khaimah," commented Al Qadi. "RAK Properties is also keen on establishing strategic alliances with major local and international developers to achieve to further expand its activities and Al Qudra is an eminent partner for its plans and developments," he added.
AQRE have announced a series of projects in their pipeline at the Cityscape exhibition as they aim to expand their project portfolio beyond the UAE. Their current projects include; Danet Abu Dhabi, Ain Al Emarat, Zayed Bay, Desert Towers, Mushref Mall and Masaken Al Qudra, which RAK Properties will also help in developing as a result of this MoU.
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Al Qudra Real Estate and RAK Properties sign MoU at Cityscape 2006
- United Arab Emirates: Saturday, December 09 - 2006 at 16:56
- PRESS RELEASE
Al Qudra Real Estate (AQRE), a subsidiary of Al Qudra Holding, signed a Memorandum of Understanding (MoU) with RAK Properties, the largest property developer in the RAK emirate, to develop the real estate sector in the emirate.
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Notes and media contacts
About Al Qudra HoldingAl Qudra Holding was established in May 2005 with a capital of AED 600 Million. Today, the company has a large group of specialized subsidiaries that operate under its umbrella in important sectors of the country's education; tourism; industry; energy; infrastructure development; sports management and the entertainment industry.
The company is considered the ideal strategic partner for many leading regional companies looking to invest in the United Arab Emirates, and Abu Dhabi in particular. This was achieved through the trust, expertise and competencies that the company has acquired through the foundation of projects, investment strategies and companies that cover a wide range of sectors of development, thus attracting strategic and specialized partners in all fields.
About RAK Properties
RAK Properties, a Public Joint Stock Company listed on the Abu Dhabi Securities Market, is a real estate development company that operates in a sector that is enjoying an economic boom. It is 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 43-storied twin office and residential project at a cost of AED500 million - in February 2006 followed by Mina Al Arab - spread over 30 million sq. feet at a cost of AED 10 Billion - in May 2006.
For further information please contact:
AQRE:
Sama Al Aghbar
PR Account Manager
Viola Advertising & PR
PO Box 42341
Abu Dhabi, UAE
Tel: +971 2 6449444
Fax: +971 2 6451199
www.viola.ae
RAK Properties:
Lina Anani/Sami Al Shorafa
ASDA'A Public Relations
Exclusive Affiliate of Edelman PR Worldwide in Middle East and North Africa
Dubai UAE
Tel: +971-4-3344550,
Fax: +971-4-3344556
Posted by Lara Lynn Golden, News EditorSaturday, December 09 - 2006 at 16:56 UAE local time (GMT+4)
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This article was updated on Fri Jun 01 2007.
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