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RAK wants piece of the boom

Ras Al Khaimah is preparing to spend US$272 million to create its own real estate company.

Ras Al Khaimah’s government will launch a real estate company in order to get a piece of the property action. The firm will develop residential units as well as hotels. The residences will be open to expatriates on a freehold basis.

The emirate will pour US$272 million into the Ras Al Khaimah Real Estate Company. The company will be set up to allow the public to own shares, according to Sheikh Saud Bin Saqr Al Qasimi, crown prince and deputy ruler.

“We are planning to float an initial public offering in order to sell 55% of shares to the public. The remaining 45% will be held by the government,” he said.

The company will be established early next year and is expected to be listed on the Abu Dhabi Securities Market.

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