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RAK Properties begins the Mina Al Arab villas and town houses hand over

June 21, 2010: RAK Properties PJSC, the largest property developer in Ras Al Khaimah listed in the Abu Dhabi stock exchange announced completion of 93 luxury villas and town houses in the precinct 4 of its prestigious landmark property development the Mina Al Arab in the Emirates of Ras Al Khaimah.

The precinct 4 is one of the major precincts in the Mina Al Arab waterfront master community built on the theme building closure to nature. The Mina Al Arab is the home to an exciting array of themed resorts, all tailored to offer variety of vacation experience. The location of the property gives a panoramic view of the clean beaches, mountains and beautiful landscape. This project provides world class living environment suitable for maintaining a healthy life style with jogging track, private beach planted with coconut trees, swimming pool, tennis court, children play area and ample open area to feel the nature’s freshness.

The company informed its customers to visit their homes and complete the inspection prior to final take over by 30th June 2010. The luxurious type villas and town houses are constructed under the unique Granada architecture theme with spacious living area, elegant appearance and quality finish.

Mohamed Sultan Al Qadi, Managing Director & CEO of RAK Properties said:  “RAK Properties was able to sell most of the accomplished villas and town houses. The main focus of RAK Properties at this stage is the on-schedule completion of all announced projects.”

He added: “We understand the expectations and meet the aspirations of our customers, who trust the company. This achievement reflects our commitment to meet our customers’ expectations particularly that the majority of the owners of these properties are end-users who will make Mina Al Arab their second home. We consider this achievement as an opening for a series of deliveries of other projects this year.”

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Notes to Editors

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 43-storied twin office and residential project at a cost of AED 500 million – in February 2006 followed by Mina Al Arab – spread over 30 million sq. feet at a cost of AED 10 Billion – in May 2006. It also launched RAK Tower in Abu Dhabi at Cityscape Dubai 2007 and finally Julfar Residence in Abu Dhabi as well at Cityscape Dubai 2008.