Al Qudra Real Estate and RAK Properties sign MoU
Al Qudra Real Estate (AQRE), a subsidiary of Al Qudra Holding, signed a Memorandum of Understanding (MoU) with RAK Properties, the largest property developer in the RAK emirate, to develop the real estate sector in the emirate. The signing ceremony was attended by Eng. Salah Salem Bin Omair Al Shamsi, Chairman and Managing Director, Al Qudra Holding and Mohammed Sultan Al Qadi, Managing Director of RAK Properties.
This strategic partnership that AQRE has established with RAK Properties, will allow the company to take part in developing residential and commercial properties in order to meet the rising demand on real estate in the RAK emirate. AQRE will be jointly developing RAK properties recently launched projects, Mina Al Arab, Julfar Towers and future projects to come.
On the occasion of signing the MOU, Eng. Al Shamsi said, “I am very delighted with this new initiative we have with RAK Properties. AQRE has the required expertise, resources and support needed to develop these projects in the Emirate. As we are motivated to serve the country, we aim to be successful and I am confident that massive profits will be generated through this strategic partnership.”
“The agreement comes in line with RAK Properties mission of developing the emirate of Ras al Khaimah,” commented Al Qadi. “RAK Properties is also keen on establishing strategic alliances with major local and international developers to achieve to further expand its activities and Al Qudra is an eminent partner for its plans and developments,” he added.
AQRE have announced a series of projects in their pipeline at the Cityscape exhibition as they aim to expand their project portfolio beyond the UAE. Their current projects include; Danet Abu Dhabi, Ain Al Emarat, Zayed Bay, Desert Towers, Mushref Mall and Masaken Al Qudra, which RAK Properties will also help in developing as a result of this MoU.
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- RAK Properties signs financing MoU with NBAD
- RAK Properties records net profits of AED 376.6 million for 9-month period ending September 2006