Ruler of RAK issues Emiri Decree to establish RAK Education Co. (EDRAK) at RAK Free Zone

The private joint stock company is to be established in RAK Free Zone with a start-up capital of 1.5 billion dirhams.

"We would like to thank HH Sheikh Saqr Bin Mohammed Bin Salem Al Qasimi for this initiative that sparked from his long-held belief that the community should be well prepared and educated in order to develop. Investment & Development Office (IDO) acknowledges that education is a key factor for prosperity & welfare and is also an excellent investment opportunity and by starting this education initiative, EDRAK, the emirate will be taking a leap towards a better future," said the IDO's Chief Executive, Dr. Izzat Dajani.

The capital of the Company shall be the sum of (1.5 billion dirhams), divided into (1.5 billion shares) and the nominal value of each share is (1) Dirham. The initial shareholders shall subscribe to one billion (1,000,000,000) shares, while the remaining 500 million shares will be offered for subscription, either by way of private placement or by way of initial public offering (IPO) according to the decision of the board of directors, which will be comprised of at least 5 members.

The Company's head office will be located in Ras Al-Khaimah and subject to decisions by its Board of Directors; it may establish branches and offices thereof in the United Arab Emirates and abroad. The company may also be transformed into a (Public Shareholding Company Limited) later on.

Furthermore, EDRAK may invest in all educational opportunities of all types and at all levels anywhere regionally and globally that it deems beneficial to the Company.

The main objectives of the company are to carry on business in all education levels in addition to providing world class boarding facilities through its different ventures. EDRAK also aims to support the socio-economic growth and development plans in UAE in general, and Ras Al Khaimah in particular vis-à-vis maximizing shareholders' value.

Investment & Development Office is delegated to perform all procedures necessary for completion of incorporation of the company in order to exercise its activities in accordance with its incorporation decision. It will be assuming the role of lead manager and sponsor.

This RAK initiative is expected to stimulate excellence in education, consultancy and research that contributes to the economic development of the Emirates.