Government commits new capital to RAK Properties ...United Arab Emirates

At its Annual General Meeting, RAK Properties, Ras Al Khaimah’s publicly-listed property developer, approved an increase in its capital by US $250mn and bolstered the ownership stake currently held by government. The shareholders approved the significant capital increase with the issuance of 920 million new shares, each with a nominal value of AED1. This move effectively welcomed the Government of Ras Al Khaimah as a strategic shareholder, increasing its stake in the company from 5% to approximately 34% post-issuance (pending approval from Securities and Commodities Authority). Sameh Muhtadi, CEO of RAK Properties said, “The decision to increase our capital and enhance the Government of Ras

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