Overwhelming response to RAK Properties IPO

The IPO, set to raise AED1.1 Billion from the investor community, will close on April 12, 2005.

"We are optimistic about the outcome of this IPO as the response has reaches levels beyond expectations." said Khaled Al Qubaisi, Head, Corporate Finance & Business Development, the National Bank of Abu Dhabi (main subscription bank and subscription records Manager). " The response stands as testimony to the importance of this unprecedented opportunity. GCC and UAE nationals, expatriates, and foreigners would be allowed to become part of the region's fastest growing sectors."

Al Qubaisi noted that the last three days are expected to witness more subscriptions, as subscribers are planning to invest through loans and deposits. "RAK Properties IPO succeeded in attracting all types of subscribers, more so because of the high shares value offered at 1.1 billion shares, which allows better share allocations".

Mr. Andrea Al Sayegh, Chief Operating Officer, First Gulf Bank, said that "First Gulf Bank" too had witnessed a major inflow of investors since the launch of RAK Properties IPO. "Subscription to RAK Properties is still ongoing, and shall register high levels of subscription in the last few days, where key investors come into the picture just before the official closing of the IPO." he added.

Speaking on the initial response on the IPO, Izzat Dajani, chief executive of the Investment and Development office said, "We are extremely pleased to see the level of interest that the investors are showing in this issue. It clearly reflects confidence in the financial strength of the company and the potential of the real estate sector in Ras Al Khaimah."

Investors interested in participating in the IPO should visit any one of the participating branches of the six receiving banks, the National Bank of Abu Dhabi; the National Bank of Ras Al Khaimah; the International Commercial Bank; Abu Dhabi Islamic Bank; First Gulf Bank; and the United Arab Bank, where they will receive full information and guidance on how to subscribe, including the subscription form.