Release Date: 08 July 2024
Following the March AGM where the Government, subject to ADX approval, expressed confidence in RAK Properties to expand their stake, the company has now moved forward with the strategic government partnership which will see their stake in the company increase to 34%, following SCA approval. This is a direct result of the significant growth in revenue and net profit experienced in 2023 and a solid Q1 2024 performance for RAK Properties, signaling a vigorous demand for its property and hospitality ventures.
Recognizing RAK Properties’ unwavering commitment to developing lifestyle destinations, including its flagship projects Mina Al Arab, Hayat Island and Raha Island, the upweighted stake reflects the Government’s confidence and the perceived value of master plan-led developments and their critical role in the Emirate.
Abdulaziz Abdullah Al Zaabi, Chairman, RAK Properties, stated, “The government’s strategic investment and increased stake in RAK Properties underscore their belief in our vision. This collaboration will not only provide us with the resources to accelerate our growth and innovation but also reinforces our commitment to bringing luxury living to RAK. Together, we are poised to drive forward transformative economic, social, and environmental projects that will benefit Ras Al Khaimah.”
