DUBAI, 30 March 2005 — RAK Properties, the real estate arm of the Gulf emirate of Ras Al-Khaimah, announced yesterday the launch of an initial public offer of 1.1 billion dirhams ($300 million).
A statement said the IPO would run from March 30 to April 12. Subscriptions will be open to United Arab Emirates (UAE) and Gulf Cooperation Council (GCC) nationals, as well as (resident) expatriates and foreigners, with the value of each share set at one dirham (27 cents).
Ras Al-Khaimah is among the less-developed emirates of the seven-member UAE federation. RAK Properties has total capital funding of two billion dirhams ($544 million), with 45 percent invested by the company’s founders, including the government of Ras Al-Khaimah, while 55 percent will be funded through the IPO, the statement said.