RAK Government grants 'RAK Properties' 50 million sq feet of land

The entire spread of land is strategically located within the emirate.

The endowment given to RAK Properties was based upon Decree 18 for the year 2005, issued by His Highness Sheikh Saud Bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah, in which the first article of the decree states that the company would be granted several stretches of land in order to develop and establish real estate projects in the emirate.

Mohammed Al Qadi, Managing Director, RAK Properties, said

"We extremely grateful to His Highness Sheikh Saud Bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah and the Government of Ras Al Khaimah for their continuous support and their undue trust in our company that will act instrumental in our strive to achieve the aims and ambitions of RAK Properties".

The area offered to RAK Properties includes the Land of Mina Al Arab spread along the localities of Al Muzehami and Al Jazeera Al Hamra. Other stretches of lands were offered in Al Quram Island located in the Khor of Ras Al Khaimah and in the Dafan Al Nakheel (Suhaim) district.

The Decree allows RAK Properties to sell units and facilities in its residential, commercial and touristic projects under the supervision of RAK Government.

RAK Properties recently unveiled several large real estate projects in the emirate of Ras Al Khaimah that include Mina Al Arab, Mangrove Islands, Al Hamra Hotel & Resorts as well as both the residential and commercial Julphar Towers.

RAK Properties was recently listed on the ADSM and trading of its shares commenced with a positive response that indicated the trust of the investors in the company and its projects thus reinforcing the status of RAK Properties as a promising investment opportunity.

"We at RAK Properties would like to reassure our shareholders of our commitment towards them. We aim to maintain the highest degrees of transparency in all our operations and hope to capitalise on the success that the company has achieved until this day", concluded Al Qadi.