Ras Al Khaimah, UAE: 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.”

About RAK Properties

Founded in 2005 under the visionary leadership of His Highness Sheikh Saud Bin Saqr Al Qasimi, Ruler of Ras Al Khaimah, RAK Properties is a leading real estate developer committed to producing exceptional and sustainable destinations. Specializing in contemporary and meticulously crafted communities, RAK Properties integrates excellence, innovation, and nature to create enriching lifestyles in alignment with the aspirations of tomorrow’s people.  

RAK Properties plays a pivotal role in achieving RAK Vision 2030, focusing on delivering economic, social, and environmental value, all aimed at enhancing lives and places, and contributing to the prosperous narrative of Ras Al Khaimah. 

Awards and recognitions: 

  • Awarded ‘Developer of the Year’ 2023 by Construction Week Middle East. 
  • Bayviews Residences won the ‘Best Residential Project’ at the Design Middle East Awards 2023, where the residential development was recognized as the region's best design and architecture.  
  • Quattro Del Mar was awarded the Best Mixed-Used Project at the prestigious Pillars of Real Estate Awards 2024.  

For any media queries, please contact:  
Haleima Al Dhanhani 
RAK Properties 
haleima@rakproperties.ae  

Mira Assaf
PRM Global
E: mira@prm-global.plus