RAK plans mega petroleum IPO
This time a petroleum company will be set up which will tap the capital market, according to Chief Executive of the Investment and Development Office (IDO) of the Government of Ras Al Khaimah Izzat Dajani.
The petroleum IPO will be of a similar size of the RAK Properties issue.
"We are hopeful of a similar response from investors," Dajani said, according to The Gulf Today.
He would not specify the details of new petroleum company for now.
RAK Properties will be listed on the Abu Dhabi Stock Market (ADSM) and trading will commence in July. The real estate development company set up by the IDO held its Constitution General Assembly Meeting last week.
RAK Properties is likely to float a mortgage finance company as its subsidiary to offer home loans. RAK Properties is established to implement the emirate's plans to promote real estate, tourism and leisure facilities and also to invest in profitable projects.
Ras Al Khaimah is also toying with the idea of constituting a holding company.
"It is good to bring all companies under one umbrella," Dajani said.
IDO is seeking to forge joint ventures to diversify its activities.
It has set up a joint venture company called RAK Lube Oil Company in association with the Iranian firm, Behran Oil Company. The new company will install an automated blending plant for producing lubricants for the automotive and industrial sectors.
The other major projects on the pipeline include setting up of a high-tech manufacturing plant by a Saudi Arabian group for providing innovative solutions in pre-build walls for the construction industry.
Dajani said that another Saudi Arabian group is setting up a factory for manufacturing thermo pipes in Ras Al Khaimah.
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