RAK Properties

The Ras Al Khaimah Government established a real estate development company “RAK Properties” as a Public Joint Stock Company to oversee the development of real estate and leisure sectors in the Emirate of Ras Al Khaimah in particular, as well as other Emirates in the UAE in general.

The Company offered 55% of its share capital (US$ 550 million) through an IPO. The founders, UAE nationals, invested 45% of the share capital. The Ras Al Khaimah Government has already subscribed 5% of the Company’s share capital. As a further sign of its commitment to the project, the Government provided the land for the Mangrove project (723,570m2) for free.

The Investment and Development Office, Government of Ras Al Khaimah (IDO) was the lead manager in setting up RAK Properties in the Emirate. The Initial Public Offering to raise US $ 300 million was exceptionally successful as it was 57 times oversubscribed.

Saraya Islands

The Saraya Islands project will occupy the pristine seven-kilometer Julfar Island, located between the outstanding range of the Hajar Mountains and the azure waters of the Arabian Gulf. It will cover an area of over one million square meters. The Saraya Islands project is seeking to create an iconic representation of Ras Al Khaimah's seafaring heritage using contemporary technology.

Actively involved in promoting Ras Al Khaimah and in attracting and establishing new ventures in the Emirate, the IDO is playing a pivotal role in the Saraya Islands project as a key shareholder along with Saraya Holdings and a subsidiary of the Arab Bank.

For more information on SARAYA Islands please visit the link Tourism & Investment Projects.