RAK to raise portfolio to $14bn

RAK Properties plans to raise its investment portfolio to Dhs50bn ($14bn) over the next 10 years and expand operations into Georgia, Tanzania, Morocco, India and Egypt. The company's managing director, Mohamed Sultan Al Qadi, said the firm has already secured three sites in Georgia for residential, commercial and hospitality projects. RAK's sales rose 229% to Dhs755m during the third quarter from Dhs230m for the same period last year.