RAK Real Estate

RAK Real Estate Ltd is the first company, custom tailored towards the client’s needs and orchestrated by the Phoenician Family of Funds. The Company was incorporated with limited liability in the British Virgin Islands on 5th March 2008. RAK Real Estate was concentrating on acquiring the whole or part of MENA Real Estate Businesses and that collectively, if owned by RAK Real Estate, may command a higher valuation than they would if they remained independent.

RAK Real Estate became a listed company on PLUS Markets in August 2008. On 25 February 2009, the company agreed to acquire the entire beneficial interest in and to the economic benefit of the Rafco International Real Estate Company K.S.C.C. The total consideration payable for the assets of Rafco totalled $927,129,210, which was satisfied by the issue of the 185,425,842 shares of the company, which were subsequently admitted to trading on PLUS.

RAK Real Estate is currently an investment company focussing in on actual and potential commercial property and real estate ventures in the MENA region. The strategy of the company is to acquire, either in part or in its entirety, property projects for development or redevelopment in the prime areas of the MENA geographical area, including, for example, Bahrain, Kuwait, the United Arab Emirates, Egypt, Lebanon and Jordan. Projects will be analysed for their cash flow as well as long term potential. Acquisition may be through further share issuance or by debt or a combination of both. Though all stages of development will be analysed, particular attention will be paid to projects which will generate cash flow in a period of 12 to 24 months following acquisition.