RAK Real Estate Ltd - Directorate Change

RAK REAL ESTATE LTD (the "Company")

The Company announces today, with effect from 21 March 2010, that the composition of its board of directors is to be changed with the replacement of Medhi Varzi by Spencer Wilson as a non-executive director of the Company. The reason for the replacement is geographic in that Mr Spencer Wilson is located in the Middle East.

Mr Wilson is an experienced director and the Company views the appointment as positive and highly beneficial.

Mr. Wilson is a financier and is currently a managing partner at Newhaven Merchant Bankers ("Newhaven"), an international investment bank. He is responsible for deal origination at Newhaven, developing financing and M&A opportunities for the firm. Under Mr. Wilson's guidance, Newhaven has been instrumental in the development and structuring of a broad range of innovative corporate finance transactions, successfully managing principal investments in mining, pharmaceutical, real estate, financial services, industrial and service businesses.

His other activities include the position of joint Managing Director of Octavian Growth Partners Limited, which is the general partner to Octavian Growth LP (an alternative investment fund) and currently lives in Kuwait City, State of Kuwait.

Mr Wilson is, or has been, a director of the following companies in the past five years:

Amara Dhari Investments Limited                 
                                                
Amara Holdings Inc.                             
                                                
AMK Investments Ltd                             
                                                
Churchill Merchant Capital Inc.                 
                                                
Live to Give Relief Organisation                
                                                
Newhaven Bancorp Ltd.                           
                                                
Newhaven Capital Consultancy FZC                
                                                
Newhaven Corporate Finance Limited              
                                                
Newhaven GMBH                                   
                                                
Newhaven Holdings International Ltd.            
                                                
Newhaven Investments House Inc.                 
                                                
NIH Management Limited (BVI)                    
                                                
NIH Management Ltd                              
                                                
NM Bancorp Ltd.                                 
                                                
Octavian Growth Partners Limited                
                                                
Phoenician Corporation IV Ltd.                  
                                                
Phoenician Corporation V Ltd.                   
                                                
Prosperitas Capital Corp.                       

Mr Wilson was also a director of the Company before its admission to PLUS Markets.

The directors would like to take this opportunity to sincerely thank Mr Varzi for his outstanding contribution to the Company and wish him every success in the future.

"THE DIRECTORS TAKE RESPONSIBILITY FOR THIS STATEMENT"

For further information, please contact:

Corporate Adviser:
City & Westminster Corporate Finance LLP
Gerard Thompson & John May
2nd Floor, Stanmore House
29-30 St. James's Street
London
SW1A 1HB
Telephone: 0044 20766 0080

RAK Real Estate Ltd
c/o  Al-Khorafi National Group For General Trading & Constructions
Mohammed Nour
Rakan Tower
25th Floor
Fahad Al Salem St.
Kuwait City
Kuwait
Tel: (+965) 22496031/5