RAK Properties Launches an Initiative to Support Investors in Its Projects

Press release
Published March 26th, 2020 - 08:25 GMT
RAK Properties Launches an Initiative to Support Investors in Its Projects
Sultan Al Qadi.
Highlights
RAK Properties announced an initiative which aligns with the government’s efforts to support all the investors and stakeholders in the long term.

In line with its national and social responsibility, RAK Properties announced an initiative which aligns with the government’s efforts to support all the investors and stakeholders in the long term. It includes a three month exemption from rental payments for its tenants in Mina Al Arab and Julphar Towers projects.

Mr. Mohammed Sultan Al Qadi, Managing Director of RAK Properties, emphasised that this move comes as a response to the repercussions caused the COVID-19 pandemic, which calls for solidarity in facing and overcoming the epidemic, and participating in nationwide efforts aimed at safeguarding the health and lives of citizens and residents.

Al Qadi said: "As part of its commitment to driving economic growth in the region, RAK Properties has decided to provide assistance and support to investors and retail tenants during this critical period, and are encouraging them to stay at home to preserve public health."

He added that despite being a leading tourism destination on the Ras Al Khaimah shoreline, Mina Al Arab is expecting to witness a substantial decline in the number of tourists and visitors."We understand that cafes, restaurants and retail stores across the property will see a decrease in foot fall during this period, hence we will try our best to lend support to all the affected tenants, in order to reduce the economic burden they may suffer,” he said.

Julphar Towers are among RAK Properties’ landmark developments and destination of choice for companies wishing to base their businesses in Ras Al Khaimah. The twin towers are connected by a shared three-storey podium that houses retail outlets and restaurants. Therefore, we are committed to support them during the current circumstances”.

He added that the company management will communicate with tenants to notify them about the necessary procedures and ways to benefit from these facilities. “The company has taken the necessary actions including the implementation of the highest safety and security measures at its residential communities and commercial towers, in response to the guidelines put forward by the concerned authorities in the country,” he concluded.

 

Background Information

RAK Properties

RAK Properties is a Public Joint Stock Company (PJSC) formed in 2005 with the support of the Government of Ras Al Khaimah (RAK).

Founded in line with the vision of His Highness Sheikh Saud Bin Saqr Al Qasimi,  Ruler of Ras Al Khaimah, RAK Properties aims at supporting and promoting the economic growth of Ras Al Khaimah as well as assisting the emirate’s community development initiatives. RAK Properties will also maximize shareholders’ value through its development projects in the coastal and inland areas of Ras Al Khaimah. 

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