RAK Properties is a Public Joint Stock Company (PJSC) formed in 2005 with the support of the Government of Ras Al Khaimah (RAK). Founded in line with the vision of His Highness Sheikh Saud Bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah, RAK Properties aims at supporting and promoting the economic growth of Ras Al Khaimah as well as assisting the emirate's community development initiatives. RAK Properties will also maximize shareholders’ value through its development projects in the coastal and inland areas of Ras Al Khaimah. RAK Properties has a sound capital of AED 2 billion; the company’s founders, including the Government of Ras Al Khaimah, hold 45 per cent while the remaining 55 per cent is held by the public. The Initial Public Offering (IPO) of RAK Properties in early 2005 was over-subscribed by almost 57 times. In its mission to lead the development of real estate and tourism infrastructure in Ras Al Khaimah, RAK Properties aims to attract foreign investors of repute to launch state-of-the-art projects, including luxurious hotels, resorts, malls and industrial areas. In doing so, RAK Properties serves as a catalyst for a dynamic property market in Ras Al Khaimah and the United Arab Emirates (UAE).