RAK Properties unveils its plans to expand into Morocco, Egypt, and Sudan

The company's expansion is fuelled by strong and sustained investor interest in the company's projects from the local and regional markets.

RAK Properties is showcasing its landmark Julfar Towers, Mina Al Arab and RAK Tower projects at the International Property Show, the biggest transactional property exhibition in the region, being held at the Dubai International Exhibition Centre (DIEC) from February 17 to 19.

Mohamed Sultan Al Qadi, Managing Director & CEO of RAK Properties, said:

"The overwhelming response our projects are gaining from overseas and regional investors is a testament to the trust we have earned from our investors, and reiterates our commitment to enhance value to our stakeholders through high quality projects."

"Based on the success of the projects we have launched so far, we are expanding our operations into other countries starting from Morocco, Egypt, and Sudan where we are looking at developing residential, commercial and hospitality projects. We are also working with our partners to identify growth opportunities that have minimal risk," he added. "With a strong expansion plan in place, RAK Properties will also be establishing a presence in other markets and increasing its investment portfolio in the next ten years to Dhs50bn".

Julfar Towers, launched in February 2006 is an office-cum-residential project of Dhs500m, with twin 43- storey towers.

Mina Al Arab is a mixed use, waterfront resort community that will epitomise the 'Living Closer to Nature' motto of RAK Properties. Spread over 30 million sq. feet and estimated to cost Dhs10bn, the project was announced in May 2006.

The Dhs300m RAK Tower in Abu Dhabi is the company's first project outside Ras Al Khaimah.

RAK Properties recently reported a net profit of Dhs496m ($135m) for its second financial year ended 31st December 2007. The company also achieved sales worth Dhs1,083m, which represents an increase of 288% over the 2006 figure (Although the company recorded substantial sab during the year, revenue recognition has been postponed until property handover).

For more information, please visit RAK Properties at the International Property Show held at the Dubai International Exhibition Centre (DIEC), Hall number 3, stand B11.