RAK Properties

RAK Properties has communicated to the Abu Dhabi Securities Exchange about an amendment to its Articles of Association. Following a resolution passed at the company's AGM on March 20, 2024, which approved the distribution of bonus shares and an increase in the company's capital, RAK Properties received approval from the Securities and Commodities Authority (SCA) to amend Article 6. The amendment changes the company's issued capital from two billion dirhams to three billion dirhams, divided into three billion shares, each valued at one dirham. The shares are fully paid in cash and are of the same class with equal rights and obligations.

RAK Properties has unveiled plans for Raha Island, a luxury island community in Mina Al Arab, Ras Al Khaimah. The development will feature high-end hotels, branded residences, exclusive beach, marina and yacht club, 5-star restaurants, cafés, wellness centers, retail, and leisure facilities. The project aims to offer an unparalleled lifestyle experience with a focus on sustainability and community spirit, aligning with the RAK Vision 2030. Raha Island will include over 2.5 kilometers of public beaches and marinas, and will provide complimentary water transit for seamless connectivity within Mina Al Arab and to other Emirates.

RAK Properties, a leading property developer in Ras Al Khaimah, reported a 12% increase in revenue to AED 289.91 million in Q1 2024, compared to the same period the previous year. This growth was driven by strong sales for new project launches in Mina Al Arab. The government of Ras Al Khaimah has increased its stake in the company from 5% to around 34%, reflecting its confidence in the firm. The first quarter of 2024 also saw the opening of the 5-star Anantara Mina Al Arab Hotel and Resort. The company's profit before tax grew to AED 45.54 million and total assets reached AED 6.68 billion.

Resolution No. 391 of 2024 has temporarily suspended trading on RAK Properties shares. This decision is based on Article No. 16 of the Regulations concerning the Listing of Securities on ADX. The suspension is due to a board meeting of RAK Properties scheduled for 14:30 on 8-May-2024, which coincides with the trading session at ADX. Therefore, trading in RAKPROP shares will be suspended from 09:00 on 8-May-2024 until ADX receives the meeting results. All ADX department heads are required to implement this resolution in their respective fields. The resolution will be circulated to SCA, the concerned company, all ADX departments, and all ADX-accredited brokers. The resolution was approved by an authorized person and issued on 06/05/2024.

The Board of Directors of RAK Properties will hold a meeting on Wednesday, 08/05/2024 at 2:30 PM at Anantara Hotels. The meeting will discuss and approve the interim financial statement for the three-month period ending on 31 March 2024, as well as discuss other administrative matters related to the company.