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RAK Properties hails recent regulatory changes in UAE real estate sector

Sunday, December 22nd, 2013

Mohammad Sultan Al Qadi says Central Bank’s new mortgage rules will bolster confidence in UAE property sector

Ras Al Khaimah, UAE, 20th December 2013: RAK Properties, Ras Al Khaimah’s biggest property developer listed on Abu Dhabi Stock Exchange, has hailed UAE Central Bank’s new mortgage rules, that come into effect from December across the UAE, as ‘a major step in the UAE real estate sector’s journey towards greater maturity.’

The company said these rules would streamline the relationships between banks, financing companies, real estate developers and end users, and make the processes more seamless.

RAK Properties added that these rules would further help end users by offering them ready-made financial planning tools by default, as they comply with the stipulated rules that are more relevant and in sync with the demands of the real estate market and take into account the rights of all stakeholders.

Mohammad Sultan Al Qadi, Managing Director and CEO, RAK Properties said: “We anticipate that the new mortgage rules would go a long way in supporting the development of the real estate industry, fuelled by the current positive sentiment of the UAE real estate and in line with Ras Al Khaimah’s vision for growth that is being strongly supported by RAK Properties as the biggest real estate company in the Emirate.”

He added: “The regulatory steps in the UAE Real estate sector reflect the progression vision of the country to become one of the best countries in the world by 2021. We firmly believe that the UAE is heading confidently towards this goal, which will benefit UAE nationals, expatriates and investors not only in the property sector but in all other fields.”

RAK Properties is working on diversifying its services and expanding its footprint. The company has raised the bar on the property sector and emerged as the leader in Northern Emirates in this field.

Al Qadi added that the UAE property sector has reached a stage of maturity that qualifies it not only to meet current challenges but also introduce innovations that will ensure solid foundations.

By the virtue of the new rules, UAE Nationals can get maximum loan amount equivalent to 80% of property value (for a property with a value of less than AED 5 million). If property value is worth more than 5 million, the loan amount will be capped at 70%. For second and subsequent properties, the maximum loan amount will be capped at 65%.

Expatriates can get a loan amount of up to 75% of the property value for their first property (of less than AED 5 million). If property value is worth more than AED 5 million, it will be capped at 65% of the property value. For second and subsequent properties, expats can get a loan amount up to 60% of the property value.

-ends-

Editors Note:

RAK Properties, a Public Joint Stock Company listed on the Abu Dhabi Securities Market, is a real estate development company established to implement the emirate’s plans to promote real estate, tourism and leisure facilities in RAK and invest in interesting projects. It is intended that its activities will encourage economic growth in the UAE in general and Ras Al Khaimah in particular. The company launched its first project, Julfar Towers – a 45-storied twin office and residential project at a cost of AED 500 million – in February 2006 followed by Mina Al Arab – spread over 43 million sq. feet at a cost of AED 10 Billion – in May 2006. It also launched RAK Tower in Abu Dhabi at Cityscape Dubai.

RAK Properties to celebrate UAE 42nd National Day in Mina Al Arab Lagoon

Saturday, November 30th, 2013

Ras Al Khaimah, UAE, 30 November 2013: RAK Properties PJSC, Ras Al Khaimah’s biggest property developer listed on Abu Dhabi Stock Exchange, has planned two-day celebrations on 1st and 2nd December to mark the 42nd UAE National Day. The celebrations will take place from 9am – 6pm in the Lagoon area of Mina Al Arab, the company’s biggest project in Ras Al Khaimah.

Ayalah & Harbiya, the traditional dance, will be one of the main activities as a tribute to the UAE traditions. Handcraft displays and Henna designs will also be available for residents and tourists at Mina Al Arab during the event.

In addition, RAK Properties has lined up Flacon Display shows offering opportunity to residents to take photos with the ‘symbol’ of the UAE tradition.

Traditional fashion outfits will also be on display and trials, as well as dishes from the Emirati cuisine. Moreover, Heritage art galleries will give the Lagoon visitors a great time while their kids will be entertained at the Kids corner.

Mohamed Sultan Al Qadi, Managing Director and CEO of RAK Properties said: “This is part of our overall commitment to the UAE. The philosophy of celebrating this momentous day is gaining ground within the local and expatriate community. This year, we have lined up extraordinary celebrations in celebration of this blessed day in the history of the UAE.”

RAK Properties is the biggest real-estate developer in Ras Al Khaimah and it operates several prominent projects across the Northern Emirates.

Editors Note:

RAK Properties, a Public Joint Stock Company listed on the Abu Dhabi Securities Market, is a real estate development company established to implement the emirate’s plans to promote real estate, tourism and leisure facilities in RAK and invest in interesting projects. It is intended that its activities will encourage economic growth in the UAE in general and Ras Al Khaimah in particular. The company launched its first project, Julfar Towers – a 45-storied twin office and residential project at a cost of AED 500 million – in February 2006 followed by Mina Al Arab – spread over 43 million sq. feet at a cost of AED 10 Billion – in May 2006. It also launched RAK Tower in Abu Dhabi at Cityscape Dubai.

In presence of Sheikh Mohamed bin Kayed Al Qasimi, Choithrams opens flagship outlet at Mina Al Arab in Ras Al Khaimah

Saturday, November 16th, 2013

the new outlet aims to serve retail and shopping needs in Northern Emirates

Ras Al Khaimah, UAE,16 November 2013: Sheikh Mohamed bin Kayed Al Qasimi, Chairman of the Department of Economic Development in Ras Al Khaimah, inaugurated on Thursday 14th November 2013 a flagship outlet for Choithrams in Mina Al Arab, in the presence of officials and representatives from Ras Al Khaimah economic department, RAK Properties and Choithrams.

RAK Properties, Ras Al Khaimah’s biggest property developer listed on Abu Dhabi Stock Exchange and Choithrams, a leading retail company said they were pleased to launch this new retail outlet, which will be followed by another one in Julphar Towers later.

Located in the Lagoon distract in Mina Al Arab which could be accessed from both main entrance, the new outlet covers an area of 7064 meter square.

Al Qadi said at the inauguration: “We have successfully adopted a smart strategy that balances between supply and demand and dedicates resources diligently and according to long term planning. This has made our projects appealing to major global retail companies present in the Middle East. The interest of leading global brands to be present in Ras Al Khaimah reflects the far-sighted vision of His Highness Sheikh Saud Bin Saqr Al Qasimi, Ruler of Ras Al Khaimah and member of the Supreme Council, in putting the Emirate on the global map as one of the region’s prominent economic and commercial hubs.”

He added: “RAK Properties was successful in creating strong sub-brands to go under its corporate umbrella, including Mina Al Arab that is regarded a great success story in the real estate development sector not only in the UAE but also in the region for its exceptional offerings.”

He added: “We are pleased to open this flagship outlet of Choithrams, a highly reputed and successful global company, as part of our commitment to provide world class services to our customers.  Choithrams was the ideal choice as its services complement the qualitative experience we offer to the tenants of Mina Al Arab project.”

Mr. V.L. Pamnani, Partner, Choithrams, added: “We give top priority to catering to our customers’ needs as well as offering world class services whenever we launch a new outlet. We thank RAK Properties for granting us the opportunity to be present in Mina Al Arab. We are confident this new flagship outlet will attract customers not only from Ras Al Khaimah but also from other Northern Emirates.”

RAK Properties is behind some elite real estate projects in Ras Al Khaimah and offers its customers world-class services driven by quality. With panoramic view of pristine beaches, Mina Al Arab provides world class living environment suitable for healthy lifestyle with jogging tracks, swimming pool, tennis courts, children’s play area and ample open area to feel nature’s freshness.

This new Choithrams outlet in Mina Al Arab will offer a wide range of products and fresh food as well as other retail services to the residential communities in Ras Al Khaimah and other Northern Emirates.

Choithrams opened its first supermarket in the UAE in 1974 and since then has extended its operations to Bahrain, Qatar and Oman with its vision of being a leading fresh retailer in the GCC. Today, the company operates more than 48 retail units across the GCC having 27 stores in the UAE while it plans to open 32 stores in the next 2 years.

Editors Note:

RAK Properties, a Public Joint Stock Company listed on the Abu Dhabi Securities Market, is a real estate development company established to implement the emirate’s plans to promote real estate, tourism and leisure facilities in RAK and invest in interesting projects. It is intended that its activities will encourage economic growth in the UAE in general and Ras Al Khaimah in particular. The company launched its first project, Julfar Towers – a 45-storied twin office and residential project at a cost of AED 500 million – in February 2006 followed by Mina Al Arab – spread over 43 million sq. feet at a cost of AED 10 Billion – in May 2006. It also launched RAK Tower in Abu Dhabi at Cityscape Dubai.

RAK Properties responds to HH Sheikh Mohammed’s initiative by hoisting the national flag on Julphar Towers

Wednesday, November 6th, 2013
Ras Al Khaimah, UAE: RAK Properties PJSC, Ras Al Khaimah’s biggest property developer listed on Abu Dhabi Stock Exchange, joined the Flag Day celebrations by hoisting the national flag on Julphar Towers, on Wednesday, 6th November at 12pm.

This was in response to the call given by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to observe Flag Day celebrations to mark the anniversary of the accession of HH Sheikh Khalifa bin Zayed Al Nahyan’s as President of the UAE in 2004.

The initiative, launched through a tweet by HH on Twitter, called for a nation-wide, comprehensive and continuous campaign urging all Emiratis to hoist the flag and participate in the patriotic activity.

Mohamed Sultan Al Qadi, Managing Director and CEO of RAK Properties said: “The UAE Flag was hoisted on Julphar Towers, one of the main projects in the Emirate of Ras Al Khaimah. This will serve as a striking symbol of patriotism visible for all residents and tourists during the month of November. RAK Properties has a strong commitment to the national initiatives that help promoting the UAE to the local multinational community and beyond.”

RAK Properties is one of the major real estate developers in Ras Al Khaimah operating several leading projects, including Julphar Towers, Mina Al Arab, RAK Tower in Al Reem Island in Abu Dhabi, Flamingo Villas and others.

RAK Properties announces addition of 2 new iconic projects to Mina Al Arab on first day of Cityscape Global 2013

Monday, October 7th, 2013

104 waterfront villas and two 20-storey buildings overlook Arabian Gulf and Mina Al Arab Lagoon

Ras Al Khaimah, UAE, 7 October 2013: RAK Properties PJSC, Ras Al Khaimah’s biggest property developer listed on Abu Dhabi Stock Exchange, has announced the expansion of Mina Al Arab by unveiling two new flagship projects at Cityscape Global 2013, the Middle East’s leading international real estate event taking place from 8-10 October 2013 at the Dubai World Trade Centre. The projects offer 104 waterfront villas and two 20-storey building overlooking the Arabian Gulf and the Mina Al Arab Lagoon with an investment of approximately AED 400 million.

The new development of ‘Flamingo Villas’ which enjoys a sea view will come with all amenities, including separate swimming pools for adults and kids, children’s play area with different play equipment, a multipurpose court and green turf areas.

Mohamed Sultan Al Qadi, Managing Director and CEO of RAK Properties, said: “We are very excited about launching this magnificent projects at Cityscape Global 2013. This will boost further RAK Properties’ frontline position in real estate development not only in Northern Emirates but also in the Gulf. The projects will follow the same high quality standards seen in our earlier projects.”

“In addition to maintaining the existing standards of Mina Al Arab, the new projects will feature value additions, wider areas and great views,” Al Qadi added.

The second project ‘Lagoon Heights’ is a two 20-storey mixed use buildings available for freehold, reflecting outstanding design elements and natural ambience of Mina Al Arab.

“The units in ‘Lagoon Heights’ include one, two, and three bedroom apartments as well as studios and garden apartments. Residents of each unit will be able to enjoy unobstructed water views, irrespective of the direction of the unit,” Al Qadi added.

Al Qadi added that the new projects offerings will be in line with the high standards of living in Mina Al Arab. He said this project was a clear reflection of RAK Properties’ motto ‘Living Closer to Nature’

RAK Properties stand No. 6E20 in Hall No. 6 at Cityscape Dubai is fully geared to provide all information on Mina Al Arab, through the presence of senior officials ready to address all queries.

“We have designed Lagoon Heights, one of the residential clusters in Mina Al Arab, for those who insist on having the best of both worlds – the comforts of modern urban dwelling as well as the serenity and elegance of nature. With a wide selection of homes available in the market, buyer’s preferences are getting more and more refined today. Lagoon Heights will offer varied choices of homes for the most discerning of buyers,” Al Qadi said.

“These projects represent a new milestone in the company’s history and will be completely self-contained, creating their own identity, enriching the project portfolio of  RAK Properties. “

RAK Properties is one of the largest real-estate developers in the GCC and is currently engaged in a massive expansion phase. The company has developed a large and strong clientele, and enhancing its standing by bringing in top international brands to its projects.

Editors Note:

RAK Properties, a Public Joint Stock Company listed on the Abu Dhabi Securities Market, is a real estate development company established to implement the emirate’s plans to promote real estate, tourism and leisure facilities in RAK and invest in interesting projects. It is intended that its activities will encourage economic growth in the UAE in general and Ras Al Khaimah in particular. The company launched its first project, Julfar Towers – a 45-storied twin office and residential project at a cost of AED 500 million – in February 2006 followed by Mina Al Arab – spread over 43 million sq. feet at a cost of AED 10 Billion – in May 2006. It also launched RAK Tower in Abu Dhabi at Cityscape Dubai.

RAK Properties set to launch two new iconic residential projects at Cityscape Global 2013

Saturday, October 5th, 2013

The company boosts investments in new residential projects driven by increased demand

Ras Al Khaimah, UAE, 5 October 2013: RAK Properties, Ras Al Khaimah’s biggest property developer listed on Abu Dhabi Stock Exchange, is planning to launch two new iconic projects with an investment of approximately AED 400 million on the first day of Cityscape Global 2013.

Mohamed Sultan Al Qadi, Managing Director and CEO of RAK Properties said: “We will be showcasing a wide portfolio of projects during Cityscape Global this year. This will be our strongest participation to date focused on promoting our completed projects as well as announcing our new residential investments for those looking for ideal luxurious stays in the emirate of Ras Al Khaimah.”

“After a series of successful projects like Julphar Towers, RAK Tower in Al Reem Island in Abu Dhabi and the leading Mina Al Arab project, we are adding up new innovative projects. Our main focus now is on residential projects to meet the increased demand in the emirate due to population growth and the wider attention the emirate is getting regionally.”

“Being a major real-estate developer in Ras Al Khaimah and the Northern Emirates in particular and the UAE in general, we are extremely confident about the impact these two new projects will have on the sector as well as on our investors and end users.”

Senior officials from RAK Properties will be present at the RAK Properties stand number 6E20, Hall number 6 at Cityscape Global to address queries and interact with potential buyers and existing customers.

Cityscape Global 2013 will feature participation from leading companies in the real-estate industry, including experts, investors and real estate marketing companies,in addition to pioneering developers and stakeholders from the UAE and the region as well as international firms.

The show will also be home for some new entrants to the region participating for the first time, and will also witness strong comeback of major players in this industry.

Editors Note:

RAK Properties, a Public Joint Stock Company listed on the Abu Dhabi Securities Market, is a real estate development company established to implement the emirate’s plans to promote real estate, tourism and leisure facilities in RAK and invest in interesting projects. It is intended that its activities will encourage economic growth in the UAE in general and Ras Al Khaimah in particular. The company launched its first project, Julfar Towers – a 45-storied twin office and residential project at a cost of AED 500 million – in February 2006 followed by Mina Al Arab – spread over 43 million sq. feet at a cost of AED 10 Billion – in May 2006. It also launched RAK Tower in Abu Dhabi at Cityscape Dubai.

RAK Properties launches world-class customer service centre

Thursday, August 22nd, 2013

The newly setup centre demonstrates Ras Al Khaimah’s real estate industry’s drive towards global best practices

Ras Al Khaimah, UAE, 24 August 2013: RAK Properties, Ras Al Khaimah’s leading property developer listed on Abu Dhabi Stock Exchange, has launched its first customer service centre equipped with customer-friendly world-class communications facilities and information services.

The new centre is located on the 40th floor of Julphar Towers, one of the most outstanding projects of RAK Properties in Ras Al Khaimah. The centre offers a wide range of services, including answering queries and providing feedback through the following number +97172337133.

Mohammed Sultan Al Qadi, Managing Director and CEO of RAK Properties said: “We strive to maintain higher levels of qualitative services by adopting best world class practices. We believe that this addition will further strengthen the prominent position held by RAK Properties on the real-estate developer’s map in the Middle East region. This centre will enhance the service quality for the increasing number of customers.”

He added: “The new customer service centre demonstrates RAK Properties’ drive towards opening transparent channels with customers to listen to their feedback and  queries on any of the provided services”

RAK Properties customer service centre can be contacted within the UAE or from the region on +97172337133. The staffs are dedicated to answer customers around the week during working hours.

It is worth mentioning that RAK Properties is in the process of launching a number of electronic and mobile services to its customers in order to facilitate communication and provide better services.

RAK Properties has developed major real-estate projects in Ras Al Khaimah and Abu Dhabi, such as Julphar Towers, RAK Tower in Al Reem Island in Abu Dhabi and Mina Al Arab, a top tourism destination spread over a vast landscaped area.  The company is an active supporter of the vision of Ras Al Khaimah government in the real-estate and tourism development sector in the Emirate.

Editors Note:

RAK Properties, a Public Joint Stock Company listed on the Abu Dhabi Securities Market, is a real estate development company established to implement the emirate’s plans to promote real estate, tourism and leisure facilities in RAK and invest in interesting projects. It is intended that its activities will encourage economic growth in the UAE in general and Ras Al Khaimah in particular. The company launched its first project, Julfar Towers – a 45-storied twin office and residential project at a cost of AED 500 million – in February 2006 followed by Mina Al Arab – spread over 43 million sq. feet at a cost of AED 10 Billion – in May 2006. It also launched RAK Tower in Abu Dhabi at Cityscape Dubai.

RAK Properties posts net profit of AED 51.10 million in second quarter year 2013

Sunday, July 28th, 2013

Ras Al Khaimah, UAE, 28th July 2013: RAK Properties, Ras Al Khaimah’s biggest property developer listed on Abu Dhabi Stock Exchange, has earned a net profit of AED 51.10 million in the second quarter of 2013.

These financial results were announced following the meeting of the Board of Directors of RAK Properties that was held late yesterday (Sunday 28th July 2013).The Board agreed on settling the loan payment of AED 100 million to Ras Al Khaimah Investment and Development Office.

Commenting on the financial results of year 2013 second quarter, Mohammad Sultan Al Qadi, Managing Director and CEO, RAK Properties attributed the results to the growing demand on the company’s mega projects including Mina Al Arab, Julphar Towers and RAK Tower in Abu Dhabi.”  Al Qadi added that the residential and commercial units in these projects have witnessed high demand from investors and end-users alike. This comes at a time where the real estate sector in Ras Al Khaimah and the wider UAE is enhancing its position on the global and regional fronts.

RAK Properties has remarkably progressed in renting apartments, offices and retail spaces in its projects in Ras Al Khaimah and Abu Dhabi. The board of directors discussed the company’s plans for the second half of 2013 as well as 2014 where the company will sustain its leading position in providing quality driven services and maximizing the ROI of its customers.  RAK Properties will focus on furthering its operations especially that it is under the process of settling the loan payment of AED 100 million to Ras Al Khaimah Investment and Development Office as decided by the board of directors.

The real estate industry in Ras Al Khaimah is witnessing overwhelming confidence from investors and end-users alike according to Al Qadi.

Al Qadi said that RAK Properties realizes the massive potential of the hospitality and retail industries in Ras Al Khaimah and it adopts a clear strategy based on combining the values of these two industries with the real estate sector to enhance the leading position of Ras Al Khaimah on the regional map as an attractive spot for regional and international investments.

As per the financial results announced Sunday (28th July 2013), sales revenue in second quarter of 2013 reached AED 110.52 million, compared to previous year’s figure of AED 451 million for the same period.

Al Qadi said that Mina Al Arab will command the lion’s share of the company’s focus in the coming period taking into consideration the significance and magnitude of this project and its relevance to the tourism and hospitality sectors as well as retail.

Al Qadi said that his company anticipates remarkable financial results for second half of 2013. He added that the company prioritizes developing its business and operations in Ras Al Khaimah which will achieve optimal results to its shareholders.

-ends-

Editors Note:

RAK Properties, a Public Joint Stock Company listed on the Abu Dhabi Securities Market, is a real estate development company established to implement the emirate’s plans to promote real estate, tourism and leisure facilities in RAK and invest in interesting projects. It is intended that its activities will encourage economic growth in the UAE in general and Ras Al Khaimah in particular. The company launched its first project, Julfar Towers – a 45-storied twin office and residential project at a cost of AED 500 million – in February 2006 followed by Mina Al Arab – spread over 43 million sq. feet at a cost of AED 10 Billion – in May 2006. It also launched RAK Tower in Abu Dhabi at Cityscape Dubai.

RAK Properties’ Board of Directors to announce 1st half financial results on 28 July

Tuesday, July 23rd, 2013

Meeting to discuss loan payment of AED 100 million to RAK Investment and Development Office

Ras Al Khaimah, UAE, 23 July 2013: The Board of Directors of RAK Properties , Ras Al Khaimah’s biggest property developer listed on Abu Dhabi Stock Exchange, will meet on Sunday (28 July 2013) to announce the financial results of the first half of 2013.

The Board will also put up for discussion the mechanism of settling the loan payment of AED 100 million to Ras Al Khaimah Investment and Development Office. Moreover, the meeting will outline company’s plans for the second half of the year.

Mohamed Sultan Al Qadi, MD & CEO of RAK Properties , said: “In the light of the positive trends in the UAE real-estate sector and in keeping with the vision of Ras Al Khaimah government, we anticipate positive results due to our expanded operations and our recent diversification of services. We are pleased to announce that the company is dynamically poised for the next phase of growth.”

Recently, RAK Properties entered the retail industry and as a result leading retail names like ‘Choithram’, ‘Fitness First’ and ‘Costa Coffee’ have launched operations in the company’s projects.

-ends-

Editors Note:

RAK Properties, a Public Joint Stock Company listed on the Abu Dhabi Securities Market, is a real estate development company established to implement the emirate’s plans to promote real estate, tourism and leisure facilities in RAK and invest in interesting projects. It is intended that its activities will encourage economic growth in the UAE in general and Ras Al Khaimah in particular. The company launched its first project, Julfar Towers – a 45-storied twin office and residential project at a cost of AED 500 million – in February 2006 followed by Mina Al Arab – spread over 43 million sq. feet at a cost of AED 10 Billion – in May 2006. It also launched RAK Tower in Abu Dhabi at Cityscape Dubai.

RAK Properties unveils Mina Al Arab Ramadan tent

Wednesday, July 10th, 2013

RAS AL KHAIMAH, July 9th, 2013. RAK Properties, Ras Al Khaimah’s biggest property developer listed on Abu Dhabi Stock Exchange, has launched its first-ever Mina Al Arab Ramadan tent in association with Global, a company that specializes in hotel management.

The new tent is located in the Lagoon area of Mina Al Arab project, a prominent development in the region.

The tent, which will be open daily during the 30 days of Ramadan, was launched in presence of Rashed Sultan Al Khatri, Director of Sales and Marketing, RAK Properties, and representatives from local and regional media.

This is the first time that RAK Properties has introduced such a facility in its project, which marks the company’s new strategy to diversify its services for the benefit of customers and tourists.

Al Khatri said, “The tent is operated by a professional hospitality and services team. We have selected The Lagoon area as the perfect location in Mina Al Arab with easy access. This tent will be one of the largest in the Northern Emirates.”

RAK Properties has entered into many partnerships to raise the quality of its hospitality and retail services and enhance the attractions of its projects like Julfar Towers, Mina Al Arab and RAK Tower in Al Reem Island, Abu Dhabi.

-ends-

Editors Note:

RAK Properties, a Public Joint Stock Company listed on the Abu Dhabi Securities Market, is a real estate development company established to implement the emirate’s plans to promote real estate, tourism and leisure facilities in RAK and invest in interesting projects. It is intended that its activities will encourage economic growth in the UAE in general and Ras Al Khaimah in particular. The company launched its first project, Julfar Towers – a 45-storied twin office and residential project at a cost of AED 500 million – in February 2006 followed by Mina Al Arab – spread over 43 million sq. feet at a cost of AED 10 Billion – in May 2006. It also launched RAK Tower in Abu Dhabi at Cityscape Dubai.