RAK Real Estate Ltd. - PLUS Admission Announcement

Start of Trading on PLUS-quoted

The Company was incorporated with limited liability in the British Virgin Islands on 5th March 2008. On 6 May 2008, each of Jason Futko, Spencer Wilson and Edwin Lee were appointed directors and Ahmed Al-Omani was appointed a director and chairman on 29 May 2008. On that same day, Rafed Al-Khorafi subscribed the sum of $1,550,000 for 310,000 Ordinary Shares. Apart from the initial subscription capital and the cash paid by Mr. Al-Khorafi, the Company has no assets, has not traded and has not yet sourced a specific investment.

The Company's purpose is to serve as a vehicle for investment in Middle Eastern and North African ("MENA") Real Estate Businesses. The Directors believe that significant opportunity exists to invest by acquiring the whole or part of MENA Real Estate Businesses and that collectively such investments if owned by RAK may command a higher valuation than they would if they remained independent.

Initial "due diligence" on potential acquisition targets will be carried out by the Directors. Once a suitable acquisition target has been identified, the Company will retain one or more firms of professional advisers in respect of financial and legal due diligence, along with such other firms of professional advisers as will be appropriate and as the Board deems necessary.

For the complete news release, please visit this link.