Ras Al-Khaimah Ceramics plans to set up a real estate firm with the Ras Al-Khaimah Investment Authority that will buy and sell properties and develop land for leasing.
The partners will each contribute half of the firm’s 5 million dirham ($1.36 million) paid-up capital, RAK Ceramics said in a statement on the Abu Dhabi bourse website on Sunday.
The firm will buy and develop land, and will lease properties, including warehouses, on a long-term and short-term basis, RAK Ceramics said.
It will also buy and sell properties, RAK Ceramics added.
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