RAK Properties

RAK Properties, the largest publicly listed property developer in Ras Al Khaimah, UAE, has announced significant progress in its real estate projects in Mina Al Arab. The Bay Residences, comprising 661 apartments across four buildings, are sold out and construction is 75% complete, with handover on schedule. Bay Views, a 344-unit residential complex on Hayat Island, has completed enabling work and is 70% through its sub-structure. Recognized for its design, Bay Views offers views of the Arabian Gulf and Hajar Mountains. Cape Hayat, a luxury residential development with direct beach access, aligns with sustainability initiatives and is 65% through its sub-structure.

RAK Properties held its Board of Directors Meeting No. 4/2024 on July 15, 2024, at 1:00 PM at the company premises in Ras Al Khaimah, using Microsoft Teams. The meeting covered the usual administrative matters of the company.

RAK Properties held its Board of Directors Meeting No. 4/2024 on July 15, 2024, at 1:00 PM at the company premises in Ras Al Khaimah, with some participants joining via Microsoft Teams. During the meeting, usual administrative matters were discussed.

The government has increased its stake in RAK Properties by 34%, following approvals from ADX and SCA. This decision stems from RAK Properties' significant revenue and profit growth in 2023 and strong performance in Q1 2024. The increased stake reflects the government's confidence in RAK Properties' commitment to developing lifestyle destinations, including flagship projects like Mina Al Arab, Hayat Island, and Raha Island. Abdulaziz Abdullah Al Zaabi, Chairman of RAK Properties, stated that this strategic investment will provide resources for growth and innovation, reinforcing their commitment to luxury living and transformative projects in Ras Al Khaimah.

RAK Properties has launched the NB Collection, a series of high-end beachfront villas on Hayat Island, Mina Al Arab, Ras Al Khaimah. These villas are located near Angel Bay and the Nikki Beach Resort and Spa, offering direct access to beaches, marinas, and hotels. The collection consists of 11 contemporary villas designed with spacious living areas, open-plan layouts, and panoramic views of the Arabian Gulf. Each villa spans three levels and includes a private swimming pool, balconies, and a rooftop sun terrace with provisions for an additional plunge pool.

RAK Properties has announced an amendment to its Articles of Association following a resolution from its AGM on March 20, 2024. The amendment involves the distribution of bonus shares amounting to 4% of the company's capital, valued at AED 80 million, and an increase in the company's capital by AED 920 million for the benefit of the government of Ras Al-Khaimah as a strategic partner. The Securities and Commodities Authority (SCA) has approved this amendment. Before the amendment, the company's issued capital was two billion dirhams divided into two billion shares. After the amendment, the issued capital is three billion dirhams divided into three billion shares, all fully paid in cash, and equal in rights and obligations.

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.