The Ras Al Khaimah government has significantly bolstered its investment in the local real estate market by acquiring a 34% stake in RAK Properties, a leading developer in the region.
This strategic partnership follows the government’s expression of interest during the March AGM, subject to approval from the Abu Dhabi Securities Exchange (ADX). The government’s increased stake, now confirmed following the Securities and Commodities Authority (SCA) approval, reflects its confidence in RAK Properties’ ability to drive future growth.
RAK Properties has shown remarkable financial performance, with substantial growth in revenue and net profit in 2023, and a strong start to 2024. This positive trend underscores the robust demand for the company’s property and hospitality projects.
The government’s decision to increase its stake is a testament to RAK Properties’ dedication to developing premier lifestyle destinations, including key projects like Mina Al Arab, Hayat Island, and Raha Island. This move highlights the importance of master-planned developments in enhancing the emirate’s appeal.
Abdulaziz Abdullah Al Zaabi, Chairman of RAK Properties, remarked, “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.”
