The Government of Ras Al Khaimah's Investment and Development Office (IDO) has announced the establishment of a new real estate development company, RAK Properties, to implement the emirate's schemes to develop real estate, tourism and leisure facilities.
According to Khaleej Times newspaper, the company's founders, including the Government of Ras Al Khaimah, will have 45 per cent of the company's share capital, while the remaining 55 per cent will be offered in an initial public offering, details of which will be announced later this month, with the public offering open from March 30 to April 12.
