RAK Real Estate Ltd. - Notice of Interim Results

INTERIM REPORT
FOR THE PERIOD ENDED 31 OCTOBER 2008
RAK REAL ESTATE LTD

CHAIRMAN'S STATEMENT

FOR THE PERIOD ENDED 31 OCTOBER 2008

I am pleased to announce the results of this interim period, a 10 month statement based on operations from inception to the period ended 31 October 2008. The loss for this period is $488,741. This loss is attributable to startup costs and expenses over the period and for on-going operations and administration.

Your Board continues to search for prime real estate opportunities in the Middle Eastern market. The current economic situation has opened up additional opportunities which had not been previously foreseen and the Company is in the process of evaluating their potential.

Though the oil price has come off its recent highs quite sharply, your board believes that there is ample scope for investment in what is still a regional growth area. In some Middle Eastern and North African ("MENA") countries, for example Kuwait, there continues to be a shortage of space in various property sectors. The Company plans to invest at the appropriate time take advantage of these market anomalies by acquiring the whole or part of a MENA Real Estate business.

Ahmed Al Omani
Chairman

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