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RAK Properties holds groundbreaking ceremony for its landmark Flamingo Villas project

Sunday, May 4th, 2014

Al Nuaimi Group to commence construction of 124 waterfront villa units of landmark development project

UAE, May 4, 2014 – RAK Properties PJSC, Ras Al Khaimah’s (RAK) biggest property developer listed on the Abu Dhabi Stock Exchange, held groundbreaking ceremony today (Date) for its landmark development project, Flamingo Villas. Present during the groundbreaking event were Mohammed Sultan Al Qadi, CEO, RAK Properties; Abdullah Ahmed Rashid Al Nuaimi, Chairman, Al Nuaimi Group; Dr. Rashed Al Nuaimi, CEO, Al Nuaimi Group, along with senior officials from both companies. The Al Nuaimi Group, one of the UAE’s leading construction and development companies, will commence construction of the 124 waterfront villa units of RAK Properties’ landmark development project.

RAK Properties recently awarded the Al Nuaimi Group with the construction and maintenance contract for the Flamingo Villas project. Under the terms of the contract, the company will carry out the construction, completion and maintenance of the project’s 124 waterfront villa units and will also supervise the infrastructure works development for the Precinct 12 area of the Mina Al Arab project.

Mohammed Sultan Al Qadi, CEO, RAK Properties, said, “We are very happy to note that construction for our flagship development project, Flamingo Villas, has now started. We remain highly confident that the Al Nuaimi Group, which is known as one of the best construction and development companies in the Middle East, will be able to complete and handover the project on

or before the set deadline. Once completed, Flamingo Villas will definitely be a key attraction for the emirate—strengthening Ras Al Khaimah’s position as a premier residential destination in the UAE.”

The announcement of the Flamingo Villas project at last year’s edition of Cityscape Global generated an overwhelming response, which prompted RAK Properties to increase the number of planned villas for the project. Hailed as a landmark development undertaking for the emirate, the Flamingo Villas project is a series of villas overlooking the Arabian Gulf and the Mina Al Arab Lagoon. Each unit will present owners with a spectacular sea view of the RAK coastline along with a wide range of amenities like separate swimming pools for adults and children, play area with different play equipment, a multipurpose court and wider green turf areas. The project falls in line with the high standard of living in Mina Al Arab and clearly reflects the RAK Properties motto of ‘Living closer to nature.’

In addition, the Mina Al Arab is a new waterfront community in RAK where lush landscaping, protected coastal wetlands and natural pristine beaches come together with homes, hotels and world-class amenities to shape a vacation experience that you would be delighted to call home.

“Today’s groundbreaking ceremony not only reflects the vibrancy of the UAE’s real estate segment but places Ras Al Khaimah one step further in its efforts to become a highly preferred business and residential haven. Rest assured, we are fully committed in executing this project with our key strengths of high attention to detail, long years of experience and world class craftsmanship and we intend to deliver this project on time, as scheduled,” concluded Abdullah Ahmed Rashid Al Nuaimi, Chairman, Al Nuaimi Group.

-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 achieves AED 42 million net profit for Q1 2014

Thursday, April 17th, 2014

Increasing confidence in emirate’s growth and development helps drive up demand for company’s real estate offerings

RAK Properties PJSC, April 17, 2014, Ras Al Khaimah’s (RAK) biggest property developer listed on the Abu Dhabi Stock Exchange, revealed its excellent performance for the first quarter of 2014, achieving a net profit of AED 42 million as compared to the AED 40 million posted over the same period in 2013. The company gained revenues worth AED 86 million in the first three months of 2014. The figures were presented during the company’s recent board meeting held on April 17, 2014 at the company’s offices in RAK. The meeting was presided by Mohammed Hasan Omran, RAK Properties’ chairman.

According to the submitted report, the company’s total assets have been pegged at AED 4.7 billion. RAK Properties’ achievement for the first quarter of 2014 complements its excellent performance in 2013, which saw a net profit of AED 151 million. The company attributes its positive streak to the increasing investor confidence in the emirate’s growth and development. In fact, the company recently announced the addition of 20 more villa units for its flagship development project, Flamingo Villas–bringing the project to construct 124 waterfront villas.

Mohammad Sultan Al Qadi, Managing Director and CEO, RAK Properties, said, “We went off to a good start in 2014 as the company keyed in a net profit of AED 42 million for the first three months alone. The vibrant performance of the company not only demonstrates the growing interest for our latest range of property offerings but also reinforces Ras Al Khaimah’s position as a premier investment and residential destination for the Middle East region. With industry experts saying that the growth will continue to come in, we are bullish on leveraging our offerings like the Flamingo Villas in Mina Al Arab project, across potential investors—bringing us one step closer to being one of the country’s leading real estate developers.”

The company recently awarded contract to Al Nuaimi Group LLC to construct 124 waterfront units under the Flamingo Villas project, while also taking charge of infrastructure works development for the Precinct 12 area of the Mina Al Arab project. The Al Nuaimi Group was selected for the contract because of its solid reputation as one of the UAE’s leading construction and development companies.

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, thereby enhancing its standing by bringing in top international brands to its 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 switches off for Earth Hour celebrations

Saturday, March 29th, 2014

RAK Properties switches off for Earth Hour celebrations

Company reaffirms commitment to the planet by aiming to increase community awareness on the significance of reducing energy consumption.

March 29, 2014

RAK Properties PJSC, Ras Al Khaimah’s (RAK) biggest property developer listed on the Abu Dhabi Stock Exchange, encouraged the residents of its local communities to switch off their lights Saturday night (March 29, 2014) in celebration of this year’s edition of Earth Hour, a worldwide movement for the planet organized by the World Wide Fund for Nature (WWF) that engages a massive mainstream community on a broad range of environmental issues.  The company switched off the street lights, common area and non essential house lights of their flagship projects, Mina Al Arab, Julfar Towers and RAK Tower, for one hour during the event. The move demonstrates RAK Properties’ continued commitment to the planet and the preservation of its natural resources. The participation at Earth Hour also reflects the company’s aim to increase community awareness on the importance of reducing energy consumption and the many advantages and benefits to be gained in doing so.

Mohamed Sultan Al Qadi, Managing Director and CEO of RAK Properties, said, “Earth Hour carries a very strong message; urging everyone to take part in the collective efforts to help sustain the Earth and its resources. In line with this, the preservation of natural resources has always been an important concern for RAK Properties. We have remained steadfast to our commitment of developing world class residential projects that are in compliance with green building standards, which has become a fundamental principle in our policies–because we believe that the future generations deserve to inherit a clean and safe world to live in.”

Earth Hour is a global initiative that began in Sydney, Australia in 2007. Since then, the global event with its universal message of reducing energy consumption is annually celebrated by more than 7,000 cities and towns. Earth Hour encourages communities, people, households and businesses to switch lights off for one hour as a symbol of commitment to the planet.

-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 reveals sales of new villas for flagship Flamingo Villas project

Thursday, March 13th, 2014

Continued confidence in RAK growth and overwhelming response for project drives up demand for more villa units

Sales of new units to commence on Saturday, March 15, 2014, at RAK Properties Sales Office at Mina Al Arab Lagoon

March 13, 2014

RAK Properties PJSC, Ras Al Khaimah’s (RAK) biggest property developer listed on the Abu Dhabi Stock Exchange, has announced the addition of new villas for its flagship development project, Flamingo Villas. According to the company’s senior executives, the continued confidence in RAK’s further growth and development as a premier investment and tourist haven combined with the overwhelming response generated by the announcement of the Flamingo Villas project at last year’s Cityscape Global 2013 has prompted the company to expand the number of its villas. Sales of the new villas will start this weekend (March 15, 2014) at the RAK Properties Sales Office in Mina Al Arab Lagoon, RAK.

The Flamingo Villas project is a series of villas overlooking the Arabian Gulf. Each unit will present owners with a spectacular sea view of the RAK coastline along with a wide range of amenities like separate swimming pools for adults and children, play area with different play equipment, a multipurpose court and landscaped areas. The project falls in line with the high standard of living in Mina Al Arab and clearly reflects the RAK Properties motto of ‘Living closer to nature.’

Rashed Al Khatri, Director Of Marketing & Sales, RAK Properties, said, “Investor confidence continues to ride high for Ras Al Khaimah, with many businesses and investment opportunities coming to set up shop here. This upbeat atmosphere has helped generate strong response for our Flamingo Villas project, prompting us to add more villas to address the demand of those wanting to buy into the development. The demand for more units can be attributed to the project’s value additions and the presence of wider areas and majestic views of the seafront. The sales of these new villas will start this Saturday. We are confident that this move will further consolidate RAK Properties’ leading position in the country’s real estate development segment.”

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.

-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 holds Annual General Meeting for 2014

Thursday, March 13th, 2014

13th March, 2014

RAK Properties PJSC, Ras Al Khaimah’s (RAK) biggest property developer listed on the Abu Dhabi Stock Exchange, recently held its Annual General Meeting (AGM) for 2014 at the Al Hamra Convention Centre. The meeting, which was attended by the company’s Board of Directors, shareholders and investors, included the discussion of a seven-point agenda and reporting on the company’s achievements from the previous year. The Participants in the AGM endorsed the decision to distribute 5% profits or up to AED 100 million and also approved the proposal to transfer AED 1 billion of retained earnings to statutory and regular reserves respectively.

During the AGM, the company revealed a net profit of AED 151 million for Fiscal Year (FY) 2013, compared to AED 147 million posted in 2012. RAK Properties also announced the addition of villas for its flagship development project, Flamingo Villas.

The meeting’s key discussions focused on the prepared seven-point agenda, which included the;

• Consideration and approval of the Board of Directors report on the company’s activities and financial standings for FY’ 2013

• Consideration and approval of the external auditor’s report for FY’ 2013

• Discussion and approval of the company’s balance sheet and profit & losses statements for FY’ 2013

• Consideration and approval of the Board of Directors’ proposal of a five per cent cash dividend for 2013

• Consideration and approval of the Board of Directors renumeration package

• The discharge of Board of Directors company auditors from liability for FY’ 2013

• Appointment of external auditors for FY’ 2014

Reporting on its completed projects for 2013, the company was able to hand over 192 residential units—which include villas, townhouses, apartments and commercial offices in Mina Al Arab and Julphar Tower in Ras Al Khaimah and the RAK Tower in Reem Island in Abu Dhabi.

Mohammad Sultan Al Qadi, Managing Director and CEO, RAK Properties, said: “2013 was a very fruitful year for the company, which witnessed increased net profits of AED 151 million. Last year also saw the successful completion and eventual turn-over of several projects in RAK and Abu Dhabi. Another highlight is the overwhelming response that we received for our Flamingo Villas project at Cityscape Global 2013, which has prompted us to add more villas and offer them for sale starting this weekend (March 15, 2014). Industry reports have shown that 2014 will be an even stronger year for the real estate segment—giving us more confidence to leverage our diverse portfolio of property offerings, thereby consolidating our leading position across the country’s rapidly developing real estate industry.”

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, thereby enhancing its standing by bringing in top international brands to its 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 ends 2013 with net profit of AED 151 million, compared to AED 147 million in 2012

Monday, February 10th, 2014

Board proposes 5% cash dividend for 2013

Ras Al Khaimah, UAE, 10 February 2014: RAK Properties, Ras Al Khaimah’s biggest property developer listed on Abu Dhabi Stock Exchange, has announced net profit of AED 151 million for the year ended 31st December 2013, compared to AED 147 million in 2012.

This was announced on the sidelines of the Board of Directors (BOD) meeting. The board proposed 5% cash dividend for the year 2013. This proposal will be presented for ratification at the annual general meeting of the company due to be held on March 6th 2014.

Mohammad Sultan Al Qadi, Managing Director and CEO, RAK Properties said: “We are satisfied with the company’s performance in 2013 and we anticipate stronger performance in 2014. In 2013, we handed over 192 residential units, including villas, townhouses, apartments and commercial offices in Mina Al Arab and Julphar Tower in Ras Al Khaimah and RAK Tower in Reem Island in Abu Dhabi.”

“The leasing of residential, offices and retail space has seen a noticeable increase and this improvement is expected to continue during 2014. In 2013, the company set up a Customer Service Centre in Julphar Towers and also opened a full-fledged Sales Office in Mina Al Arab Project,” he added.

He said: “Real Estate prices in the UAE are set to continue the rise in the coming period after the announcement of Expo 2020 bid win, and we expect that the property sector in Ras Al Khaimah will see a stable and sustainable growth in the long and short run.”

In 2013, RAK Properties announced the ‘Flamingo Villas’ project that comprises 104 sea-view villas located on the coast line in Mina Al Arab. The villas 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.

“In 2013, we followed a clear strategy to provide modern architectural designs that come in harmony with the theme of RAK Properties ‘Living Closer to Nature’. We equip our projects all the basic amenities and entertainment facilities to offer customers a quality living experience that meets their expectations in terms of quality and return on investment,” Al Qadi said.

“We are proud to be one of the largest real-estate developers in the region. Our operations have seen significant expansion in Abu Dhabi and Ras Al Khaimah. Moreover, the company successfully attracted investors from various classes and well-known brand names in all its developed and underdevelopment amenities,” Al Qadi added.

-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 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.