The Government of Ras Al Khaimah has increased its stake in developer RAK Properties to 34% citing significant growth in revenue and net profit in 2023. 

The RAK Government is one of two major shareholders along well as Al Saqr United Group LLC according to Abu Dhabi Securities Exchange (ADX) records.

RAK Properties said the increased investment underscores confidence in master plan-led developments such as Mina Al Arab, Hayat Island and Raha Island and their importance to the northern emirate.

Stock market records put RAK Properties market capitalisation at AED 3.24 billion ($882 million) with the share price at AED 1.08 on Monday.

(Reporting by Imogen Lillywhite; editing by Seban Scaria)