Ras Al Khaimah Emiri Decree No. 5 of 2005 Establishing Ras Al Khaimah (RAK) Properties

We, Saqr bin Mohammed bin Salem Al Qasimi, Ruler of the Emirate of Ras Al Khaimah and its surroundings

- Having reviewed the Memorandum of Association and Articles of Association of RAK  Properties PJSC

- Based on the presentation of the Crown Prince and Deputy Ruler

have decided the following:

Article 1 - Establishment of RAK RAK Properties 

RAK Properties PJSC is hereby established in accordance with its Memorandum of Association and Articles of Association.

Article 2 - Share capital of the Company

The Company's share capital shall be AED 2,000,000,000 distributed into two billion shares of one Dirham each plus ten fils per share as establishment expenses. 

Article 3 - Subscription Value 

The founders who signed the Memorandum of Association and Articles of Association, including the Government of Ras Al Khaimah and others listed in the attached list have subscribed for 900 million shares worth AED 900 million distributed as indicated in the said list. The founders have paid the full value of their shares and the amount was deposited with several banks, namely:

Ras Al Khaimah National B...