RAK Properties appoints Al Qadi as CEO

The announcement follows a decision taken by the Board of Directors during a meeting held in Ras Al Khaimah on June 2, 2005. The meeting was convened following RAK Properties' hugely successful recent Initial Public Offering (IPO).

Al Qadi said: "I am extremely grateful to the vision and leadership of the Crown Prince and Deputy Ruler HH Sheikh Saud bin Saqr Al Qassimi, without whose support our recent success would not have been possible.

"I would also like to thank Mohammad Hassan Omran, the Chairman of RAK Properties, and the Board of Directors for honouring me with this prestigious role and the task of leading RAK Properties into the future."

Al Qadi, one of the key business leaders in RAK emirate, played an important role in overseeing the IPO, which was 57 times oversubscribed. He confirmed his commitment to ensuring the growth and expansion of the company. He said: "We are confident that our promises to the shareholders will be fulfilled.

"Our team will strive to maintain our utmost commitment and transparency. This is a great opportunity in the history of RAK Properties and we are dedicated to maximising it for the benefit of all our stakeholders."

Prior to joining RAK Properties, Al Qadi held senior positions at Etisalat, and was general manager of Etisalat Ras Al Khaimah. He was at one stage Chairman of Etisalat Zanzibar "Zantel" and spearheaded Etisalat's expansion into Sudan which led to Kanartel, the country's second fixed line operator, being established.

Al Qadi is a board member of the World Commercial Bank and the Federal Electric & Water Authority (FEWA).