RAK Properties to list by end of September 2005

"RAK Properties is in the final stages of the regulatory process, which needs to be completed before the company can be officially listed. We have completed the share allotment process, the issuance of share notifications and returned cheques for over subscriptions in a very short period of time, which stands as clear proof of the company's commitments to its investors. The last stage of the process is the finalisation of the share register," said Mohammed Sultan Al Qadi, Managing Director, RAK Properties.

Extensive trading of shares that took place before the official listing has extended the RAK Properties listing process. The names and details of a considerable number of shareholders have changed, and these now need to be finalised before the official listing can take place. The share register is currently being updated.

"We are confident that our obligations to the shareholders will be fulfilled. Our team will strive to maintain the utmost commitment and transparency. We at RAK Properties fully expect the listing to be completed by the end of September", concluded Al Qadi.