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RAK Properties to commence handover of 'RAK Tower' in Abu Dhabi on schedule

Company chief upbeat on UAE real estate market; handover of other projects on track
Ras Al Khaimah, UAE, 16^th July 2011: RAK Properties PJSC, Ras Al Khaimah's biggest property developer listed on Abu Dhabi Stock Exchange, announced the commencement of the handover of RAK Tower at Marina Square on Al Reem Island in Abu Dhabi.

The project is another signature project of RAK Properties in the UAE and its delivery that started on Monday 27^th June, 2011 reflects the company's growing confidence. RAK Properties has reported higher demand for its residential and business units in the first half of 2011, compared to the same period of last year.

Mohamed Sultan Al Qadi, Managing Director and CEO of RAK Properties is upbeat on the development of real estate in the UAE, as the company has already started the handover of Julfar Towers in Ras Al Khaimah and Malibu villas and townhouses at its Mina Al Arab project.

Commenting on the scenario, Al Qadi said: " RAK Properties has started contacting customers in RAK Tower to arrange the handover of their units. Demand for RAK Tower was very high due to its prime location in Al Reem Island. The building offers spectacular sea views for our customers".

The 43-storey RAK Tower, is one of the first projects to be completed on Al Reem Island. RAK Tower occupies a vantage location at Marina Square, on the northern shore of Island. The tower consists of 212 elegant residential apartments.

RAK Tower offers 1 to 3 bedroom apartments and penthouses with world-class amenities. High quality fixtures and fittings as well as unique designs were taken into consideration when constructing this project. It is equipped with top-of-the-line management services and facilities which include round-the-clock security, gymnasium, basement parking, swimming pool and children's play area.

Al Qadi added: "The successful project is a result of dedicated team work. RAK Properties is proud to have been one of the first developers to deliver property to its customers on Reem Island.

He added that huge progress has been made on RAK Properties projects in 2011, with values of quality and excellence taking utmost importance, while ensuring timely delivery to business and residential clients.

Al Qadi said: "With stability in demand, we believe that quality will make the big difference in the property sector. At RAK Properties we are acutely aware of this and that is why we adopt global best practices as far as quality is concerned."

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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.

© Press Release 2011

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