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RAK Properties’ net profit rose 35.6 % in 2012

Monday, February 11th, 2013

Sales volumes rose 12.5 % during fiscal year 2012

Ras Al Khaimah, UAE, 11th February 2013: Net profit of RAK Properties in fiscal year that ended on 31st December 2012 rose 35.6 percent to reach AED 147 million, compared to AED 108.4 million in 2011.

Mohammad Sultan Al Qadi, Managing Director and CEO, RAK Properties expressed optimism that the real estate outlook for the year 2013 is promising for RAK Properties. He also announced that RAK Properties has ambitious plans to develop a five-star hotel in Mina Al Arab as well as residential buildings in Abu Dhabi, subject to availability of finance at attractive terms.

The increase in profit for 2012 fiscal year came from increased demand for RAK Properties’ key projects, including Mina Al Arab, Julphar Towers and RAK Tower in Abu Dhabi as well as its early settlement of its AED 184 million loan with Ras Al Khaimah Investment and Development Office of Ras Al Khaimah Government. The positive results come at a time when the real estate industry in Ras Al Khaimah is witnessing overwhelming demand from investors, in the face of lucrative opportunities in shopping, retail and hospitality sectors.

As per the financial results announced Sunday (10th February 2013), sales volumes in 2012 reached AED 596.3 million, compared to previous year’s figure of AED 530.2 million, an increase of 12.5 percent. RAK Properties board of directors has proposed a 5% cash dividend for fiscal year ended 31st December 2012.

Al Qadi said: “In 2012, we handed over apartments in buildings constructed in the Lagoon Precinct (P2) as well as the balance units in the VILLA Precincts 4 & 5, Julphar Towers (Residence and Office), and RAK Tower in Abu Dhabi. The trading of residential, office units along with retail space gained momentum during 2012. The balance retail space is targeted to be leased in 2013.”

Al Qadi said that his company anticipates remarkable financial results for first quarter of 2013, based on its strong and ambitious plans for the coming period.

-ends-

Editors Note:

RAK Properties, a Public Joint Stock Company listed on the Abu Dhabi Securities Market, is a real estate development company established to implement the emirate’s plans to promote real estate, tourism and leisure facilities in RAK and invest in interesting projects. It is intended that its activities will encourage economic growth in the UAE in general and Ras Al Khaimah in particular. The company launched its first project, Julfar Towers – a 45-storied twin office and residential project at a cost of AED 500 million – in February 2006 followed by Mina Al Arab – spread over 43 million sq. feet at a cost of AED 10 Billion – in May 2006. It also launched RAK Tower in Abu Dhabi at Cityscape Dubai.

RAK Properties and Environment Protection & Development Authority organize visit to Al Muzahmi environmental preserved in Mina Al Arab

Sunday, February 3rd, 2013

RAK Properties and Environment Protection & Development Authority organize visit to Al Muzahmi environmental preserved in Mina Al Arab

Al Qadi: “Celebrating World Wetlands Day clearly reflects our environmental commitment to the society”

Ras Al Khaimah, UAE, 3 February 2013: RAK Properties PJSC, one of Ras Al Khaimah’s biggest property developers listed on Abu Dhabi Stock Exchange, along with Environment Protection and Development Authority celebrated the World Wetlands Day on 2 February by welcoming batches of students from different secondary schools in the emirate.

More than 100 students from 3 schools visited Al Muzahmi environmental preserve in Mina Al Arab which enjoys a rich and diversified natural life, to attend a simple biological gallery of marine creatures and get acquainted with the natural beauty of the place. The visit concluded with clean up activities to the area.

Mohamed Sultan Al Qadi, Managing Director and CEO of RAK Properties said: “We are delighted to host this visit and support relevant workshops on Al Muzahmi preserve area as it reflects RAK Properties’ commitment to raising awareness about the environment and its impact on society.”

Dr. Saif Mohammed Al-Ghais, Executive Director, Environment Protection and Development Authority said: “Our vision is to create a healthy and sustainable environment and today this project will encourage students to save natural resources in adherence to international standards and environmental criteria. We thank RAK Properties for their support and call on companies in the emirate to follow the lead of RAK Properties in the areas of environmental and community.”

“RAK Properties has always been supporting various environmental projects in the RAK emirate and beyond. We periodically and proactively participate in major environmental events and initiatives aimed at raising awareness of the environment among UAE residents, as part of effort to implement the forward-looking vision of the government.”

RAK Properties is currently managing prominent real estate projects like ‘Julfar Towers’, ‘RAK Tower’ in Al Reem Island in Abu Dhabi and ‘Mina Al Arab’ which is spread over a wide landscaped area with magnificent natural surroundings.

The World Wetlands Day focuses on the value of wetlands as these lands have been internationally recognized as one of the biosphere reserves or world heritage sites sponsored by UNESCO under the “Ramsar” agreement. The wetlands provide important services to human societies, including the provision of water and sanitation, flood control and food resources and the provision of clean water and medicines.

-Ends-

Editors Note:

RAK Properties, a Public Joint Stock Company listed on the Abu Dhabi Securities Market, is a real estate development company established to implement the emirate’s plans to promote real estate, tourism and leisure facilities in RAK and invest in interesting projects. It is intended that its activities will encourage economic growth in the UAE in general and Ras Al Khaimah in particular. The company launched its first project, Julfar Towers – a 45-storied twin office and residential project at a cost of AED 500 million – in February 2006 followed by Mina Al Arab – spread over 43 million sq. feet at a cost of AED 10 Billion – in May 2006. It also launched RAK Tower in Abu Dhabi at Cityscape Dubai.

RAK Properties chief Mohamed Sultan Al Qadi receives Forbes Middle East TOP CEO Award 2012

Friday, November 9th, 2012

Al Qadi attributes the honour to management team’s vision and commitment

Dubai, UAE, 9 November, 2012: HE Mohamed Sultan Al Qadi, MD & CEO of RAK Properties, was presented with the Forbes Middle East CEO award which recognizes the effort that the region’s leading CEOs put into strengthening the financial performance of their respective sectors, as well as their own company’s performance in good fiscal management over the past five years.  The awards ceremony was hosted in Atlantis The Palm, recently, under the patronage and in presence of H.E. Eng. Sultan bin Saeed Al Mansoori, UAE Minister of Economy and the presence of H.E. Dr. Rashid Ahmad bin Fahad, the Minister of Environment and Water.

Forbes Middle East celebrated the success of top management executives and CEOs in the Arab World through the event. Mr. Al Qadi received the award based on his outstanding achievement in taking RAK Properties to a leadership position not only in the UAE but across the region. Al Qadi attributed this award to the management team of RAK Properties that has shown far-sighted vision and commitment to the execution of projects and plans.

Expressing his delight at winning this award, Al Qadi praised the forum for highlighting the leadership stories of the region and said it was a matter of pride that the success attained by RAK Properties is being noticed by business leaders and organizations in the MENA region.

Al Qadi has succeeded in adopting a smart and conservative supply strategy for RAK Properties while maintaining a flexible approach to growth and enhancing readiness for new phase of the company’s development, while ensuring that supply is in tune with actual demand.

Al Qadi added that behind RAK Properties success is a great team that has made the company a leading real estate brand and created sub-brands to go under this solid corporate umbrella, including Mina Al Arab, Julfar Towers and RAK Tower.

Al Qadi said that forums like this one are important to share ideas and expertise as well as to showcase success stories and practices for the benefit of other organizations in the region.

The Forbes Middle East Forum presented an opportunity for industry leaders to look ahead to new inspirations and progressive ideas which could be leveraged for more effective leadership in their respective organisations.

This event which was supported by S P Jain School of Global Management and PBI Aqaba attracted over 350 C-suite executives, high net-worth individuals, government representatives and leaders from the Arab business world.

-ends-

Editors Note:

RAK Properties, a Public Joint Stock Company listed on the Abu Dhabi Securities Market, is a real estate development company established to implement the emirate’s plans to promote real estate, tourism and leisure facilities in RAK and invest in interesting projects. It is intended that its activities will encourage economic growth in the UAE in general and Ras Al Khaimah in particular. The company launched its first project, Julfar Towers – a 45-storied twin office and residential project at a cost of AED 500 million – in February 2006 followed by Mina Al Arab – spread over 43 million sq. feet at a cost of AED 10 Billion – in May 2006. It also launched RAK Tower in Abu Dhabi at Cityscape Dubai.

RAK Properties positive about real estate industry’s upswing in the emirate, driven by balanced demand-supply ratio

Friday, October 5th, 2012

Leading property developer says supply should henceforth be driven by actual demand

Ras Al Khaimah, UAE, 5 October, 2012: RAK Properties is upbeat on the real estate industry in Ras Al Khaimah. The emirate’s property sector has registered significant growth defying the regional downturn according to Mohamed Sultan Al Qadi, MD & CEO of RAK Properties.

Al Qadi emphasized that the emirate’s real estate development plan is currently based on a well studied and conservative supply strategy. He urged real estate developers in the Gulf to remain conservative and flexible in their approach to growth and gear up for a new phase of development in which the supply should reflect the actual demand.

Al Qadi’s call comes on the sidelines of Cityscape Global 2012, the Middle East’s largest and most significant real estate event, taking place from October 2 to 4, 2012 at the Dubai International Convention and Exhibition Centre.

Al Qadi added that Ras Al Khaimah’s efforts in upgrading its infrastructure as far as roads, electricity, water and communications are concerned have played a key role in boosting the real estate industry in the Emirate.

He added that the rapidly increasing investor confidence in the RAK real estate sector would continue to grow, since property developers have matured after learning hard lessons from the impact of regional downturn.

The Mina Al Arab project by RAK Properties is completed and the company has handed the sold villas and apartments.  Al Qadi added that the occupancy level in Mina Al Arab has witnessed a remarkable increase during this year.

Mina Al Arab is a distinctive beachfront resort that features several islands on the coast of Ras Al Khaimah. With panoramic view of pristine beaches, Mina Al Arab provides world class living environment suitable for healthy lifestyle with jogging tracks, swimming pool, tennis courts, children’s play area and ample open area to feel nature’s freshness.

Moreover, RAK Properties delivered RAK Tower in Abu Dhabi and Julfar Towers, the residential and business towers in the Emirate of Ras Al Khaimah.

Julfar Towers is the tallest and most luxurious structure in Ras Al Khaimah offering top of the range facilities and amenities. Julfar Towers has been built over a three-storey podium that provides retail and food outlets with stunning water views.

-ends-

Editors Note:

RAK Properties, a Public Joint Stock Company listed on the Abu Dhabi Securities Market, is a real estate development company established to implement the emirate’s plans to promote real estate, tourism and leisure facilities in RAK and invest in interesting projects. It is intended that its activities will encourage economic growth in the UAE in general and Ras Al Khaimah in particular. The company launched its first project, Julfar Towers – a 45-storied twin office and residential project at a cost of AED 500 million – in February 2006 followed by Mina Al Arab – spread over 43 million sq. feet at a cost of AED 10 Billion – in May 2006. It also launched RAK Tower in Abu Dhabi at Cityscape Dubai.

RAK Properties enters into a strategic agreement with Choithrams to develop two retail outlets in Mina Al Arab and Julfar Towers

Thursday, September 13th, 2012

Two outlets will be delivered in first quarter of 2013 to boost retail industry in Northern Emirates

Ras Al Khaimah, UAE, xx August 2012: RAK Properties, Ras Al Khaimah’s biggest property developer listed on Abu Dhabi Stock Exchange, has entered into a strategic agreement with Choithrams, a leading retail company to develop two flagship retail outlets in Mina Al Arab and Julfar Towers.

This latest step is part of a strategic plan conducted by RAK Properties to offer a fully fledged service to its range of customers.

The shopping outlet in Mina Al Arab will cover an area of 7064 sq.ft while the Julfar Towers outlet will exceed 8567 sq.ft. Both outlets will energise the shopping and retail industries in Northern Emirates.

The development of both retail outlets will be completed in the first quarter of year 2013 which goes along with RAK Properties strategy to enhance and provide more value to its real estate projects. Both projects will also cater to the need for large retail services in the Emirate of Ras Al Khaimah with the rapidly increasing number of residents in Mina Al Arab and Julfar Towers projects in the Emirate.

Mohamed Sultan Al Qadi, MD & CEO of RAK Properties said: “We at RAK Properties choose our strategic partners with due diligence. We have chosen Choithrams to develop these two retail outlets for its track record in the retail industry in the UAE for it has been serving the UAE market for three decades. Both outlets will be delivered in the first quarter of 2013 and they will be equipped with best retail solutions as part of our firm commitment to offer best qualitative services to our customers.”

Mr. V.L.Pamnani, Partner, Choithrams added: “We take pride in this strategic partnership with one of the leading real estate development companies not only in the UAE but also in the region. This partnership aims at expanding our business in the Northern Emirates that is witnessing an exponential growth. We will be based in Julfar Towers and Mina Al Arab to serve both projects as well as the wider community of Ras Al Khaimah and Northern Emirates.”

Choithrams in Mina Al Arab and Julfar Towers will offer a wide range of products and fresh food as well as a food court to serve the neighborhood.

Choithrams opened its first supermarket in the UAE in 1974 and since then has extended its operation to Bahrain, Qatar and Oman with its vision of being a leading fresh retailer in the GCC. Today, the company operates more than 48 retail units across the GCC having 27 stores in the UAE while it plans to open 32 stores in the next 2 years.

With panoramic view of pristine beaches, Mina Al Arab provides world class living environment suitable for healthy lifestyle with jogging tracks, swimming pool, tennis courts, children’s play area and ample open area to feel nature’s freshness.

Julfar Towers is the tallest and most luxurious structure in Ras Al Khaimah offering top of the range facilities and amenities. Julfar Towers has been built over a three-storey podium that provides retail and food outlets with stunning water views.

-ends-

Fitness First to open new outlet at Julfar Towers, Ras Al Khaimah

Monday, July 30th, 2012

New Club will offer state-of-the-art equipment, fully qualified personal trainers and group fitness classes

Dubai, UAE, 30 July, 2012: As part of an ambitious expansion plan in the UAE, Fitness First, the world’s largest health club operator, will open an outlet at Julfar Towers in Ras Al Khaimah.

The world class Fitness First Club at Julfar Towers, 31st club in the Middle East and 23 in UAE, will spread over an area of 1500 square metres. Under the slogan ‘Make the world a fitter place’, it will offer state-of-the-art equipment, fully qualified personal trainers and latest group fitness classes.

The new club will guarantee offering the residents and employees of the towers and the wider Ras Al Khaimah community a superior gym experience and varied fitness options.

Praveen Bhatnagar – CEO, Fitness First Middle East, said: “This outlet in Julfar Towers goes well with our vision to encourage fitness and empower people to stay fit. Fitness First isn’t about walking on the treadmill or lifting weights; it is a 360 degree experience to keep people in shape.”

Welcoming Fitness First to Julfar Towers, Rashed Sultan Al Khatri, Director of Marketing & Sales, RAK Properties said: “We are glad that reputed brands like Fitness First are choosing Julfar Towers to expand their footprint in Northern Emirates. This move comes as great news to our tenants who would benefit from Fitness First offerings to stay healthy and in shape in an ideal ambience complemented by Julfar Towers unique environment.”

Julfar Towers is the tallest and most luxurious structure in Ras Al Khaimah offering top of the range facilities and amenities. The residential tower boasts 349 luxurious apartments varying from studios to deluxe four-bedroom units, as well as duplexes on the upper floors, while the office tower features 468 state-of-the-art offices of various sizes to meet differing work requirements.  Julfar Towers has been built over a three-storey podium that provides retail and food outlets with stunning water views.

Fitness First Club at Julfar Towers is fitted-out with a sauna, cardio machines, drinks and seamless WIFI access and other additional features.

Praveen Bhatnagar, CEO, and Fitness First Middle East, added: “Fitness First’s primary goal is to constantly help individuals adopt a healthy and balanced lifestyle. The opening of our new branch at Julfar Towers will reaffirm our commitment in this vision.”

Fitness First Middle East is a subsidiary of the Landmark Group, a leading retail and hospitality conglomerate in the Middle East and India. The fitness chain offers world class facilities, including state-of-the-art equipment, dedicated free weights area, personal training by world-class fitness professionals, intensive weight loss programmes, free group exercise classes and multiple membership privileges.

Fitness First is a global brand that originated in the UK. Backed by the experience of over 17 years, the fitness chain has grown into a network of over 430 clubs in more than 15 countries worldwide.

Fitness First Club at Julfar Towers offer ease of accessibility, highly trained staff, and holistic fitness services that extend beyond a traditional gym concept.

-ends-

Editors Note:

RAK Properties, a Public Joint Stock Company listed on the Abu Dhabi Securities Market, is a real estate development company established to implement the emirate’s plans to promote real estate, tourism and leisure facilities in RAK and invest in interesting projects. It is intended that its activities will encourage economic growth in the UAE in general and Ras Al Khaimah in particular. The company launched its first project, Julfar Towers – a 45-storied twin office and residential project at a cost of AED 500 million – in February 2006 followed by Mina Al Arab – spread over 43 million sq. feet at a cost of AED 10 Billion – in May 2006. It also launched RAK Tower in Abu Dhabi at Cityscape Dubai.

RAK Properties launches summer promotions for new customers of Mina Al Arab and Julphar Towers

Sunday, July 15th, 2012

Real Estate industry in Ras Al Khaimah sees continuous growth from start of 2012

Ras Al Khaimah, UAE, 15 July 2012: RAK Properties (PJSC), Ras Al Khaimah’s biggest property developer listed on Abu Dhabi Stock Exchange, has launched a promotional programme for new purchasers of residential and commercial units in Mina Al Arab and Julfar Towers.

The offer is designed to give a further boost to the property sector in Ras Al Khaimah which has been witnessing increased real estate movement since the start of this year.

Mohammed Sultan Al Qadi, Managing Director & CEO of RAK Properties, said: “This promotional offer targets new purchasers of units in Mina Al Arab and Julphar Towers. It comes at a time when the company is putting large investments in the real estate industry in Ras Al Khaimah which is yielding high return on investments in residential and commercial units.”

RAK Properties has added more than 2000 residential and commercial units to the UAE’s real estate landscape, through its flagship projects – Mina Al Arab and Julfar Towers in Ras Al Khaimah and RAK Tower in Abu Dhabi.

Mina Al Arab, the new waterfront community in Ras Al Khaimah set amid lush landscaping, protected coastal wetlands and natural pristine beaches offers homes, hotels and world-class amenities. Whether used as a primary residence, weekend getaway or vacation retreat, Mina Al Arab is a destination that offers the very best of vacation living.

Julfar Towers, the tallest and most luxurious towers in Ras Al Khaimah, offers top of the range facilities and amenities. The residential tower boasts 349 luxurious apartments, varying from studios to deluxe four-bedroom units as well as duplexes on the upper floors, while the office tower features 468 state-of-the-art offices of various sizes to meet differing work requirements.

With panoramic views of pristine beaches, Mina Al Arab provides world class living environment suitable for a healthy lifestyle with jogging tracks, swimming pools, tennis courts, children’s play area and ample open area to feel nature’s freshness.

Mina Al Arab has natural facilities and key attractions. It is a retail and shopping destination within a walking distance of 900 meters. The design encapsulates highest luxury, covering an area of 3.25 million square meters.

Al Qadi added: “We anticipate an increase number of purchasers for our units this summer as our credit facilities and discounted pricing are aimed at offering our new customers convenience and easy payment options.”

-ends-

Editors Note:

RAK Properties, a Public Joint Stock Company listed on the Abu Dhabi Securities Market, is a real estate development company established to implement the emirate’s plans to promote real estate, tourism and leisure facilities in RAK and invest in interesting projects. It is intended that its activities will encourage economic growth in the UAE in general and Ras Al Khaimah in particular. The company launched its first project, Julfar Towers – a 45-storied twin office and residential project at a cost of AED 500 million – in February 2006 followed by Mina Al Arab – spread over 43 million sq. feet at a cost of AED 10 Billion – in May 2006. It also launched RAK Tower in Abu Dhabi at Cityscape Dubai.

RAK Properties joins Earth Hour 2012 celebrations in UAE

Tuesday, April 3rd, 2012

The participation is in support of UAE environmental movement

Ras Al Khaimah, UAE, March 31th 2012: RAK Properties PJSC, Ras Al Khaimah’s leading property developer listed on Abu Dhabi Securities Market, has successfully participated in the Earth Hour 2012 celebrations in the UAE that was held on Saturday, March 31, at 8:30 p.m.

Earth Hour is a global event that gathers more than 131 countries worldwide to switch off lights, sending a powerful message for action on climate change.

Commenting on RAK Properties’ participation, His Excellency Mohamed Sultan Al Qadi, Managing Director and CEO of RAK Properties, said, “The Earth Hour day is one of the most popular global events that gathers millions of people around the globe in a common campaign to protect the environment through reduced consumption of energy. Our participation in these celebrations comes under the directive of H.H. Sheikh Saud Bin Saqr Al Qassimi, Supreme Council Member and Ruler of Ras Al Khaimah, and as continuation of our contribution to worthy initiatives. RAK Properties shares the global vision of protecting the environment”.

RAK Properties have participated in this event through its flagship projects: Mina Al Arab, Julfar Towers and RAK Tower. RAK Properties has urged all residents to switch off the lights in parallel with the other residential and governmental buildings in the emirate of Ras Al Khaimah and the other emirates of the UAE.

This global event was originally held in Sydney as the world’s commitment to reduce global warming threat that is facing the planet and to combat the phenomenon of climate change.

The Earth Hour celebrations are held annually every last Saturday of March at 8:30 p.m. counting the different timings between one country and another.

-Ends-

Editors Note:

RAK Properties, a Public Joint Stock Company listed on the Abu Dhabi Securities Market, is a real estate development company established to implement the emirate’s plans to promote real estate, tourism and leisure facilities in RAK and invest in interesting projects. It is intended that its activities will encourage economic growth in the UAE in general and Ras Al Khaimah in particular. The company launched its first project, Julfar Towers – a 45-storied twin office and residential project at a cost of AED 500 million – in February 2006 followed by Mina Al Arab – spread over 43 million sq. feet at a cost of AED 10 Billion – in May 2006. It also launched RAK Tower in Abu Dhabi at Cityscape Dubai.

RAK Properties appoints Colliers International to develop retail components of Julphar Towers & Mina Al Arab

Monday, March 26th, 2012

The partnership seeks to tap diverse international brands that are eyeing the Emirate’s promising retail industry

Ras Al Khaimah, United Arab Emirates, 18th March 2012: RAK Properties, Ras Al Khaimah’s leading property developer, has commissioned Colliers International, the leading global firm that offers International real estate and global retail consultancy services, to manage the retail development consultancy and leasing operations for the company’s flagship complexes at Julphar Towers and Mina Al Arab.

The dual retail complexes will occupy Julphar Towers’ lower and ground floors and the magnificent Mina Al Arab’s Lagoon area.

Rashed Sultan Al Khatri, Director of Marketing & Sales, RAK Properties, said: “This partnership will boost the retail industry in Ras Al Khaimah in particular and Northern Emirates in general, as international brands are very keen to enter this market and serve the high demand from affluent customers. Moreover, residents of Julphar Towers and Mina Al Arab will be pleased to have international and regional brands across fashion, food, jewellery and luxury items, all in a vibrant environment. Colliers has set the global benchmark for the highest quality retail services and we are delighted to work with them.”

Stuart Gissing, Regional Director, Colliers International Middle East said: “We are very happy to include RAK Properties to our prestigious list of real estate clients in this region. We strongly believe in the potential dynamism of the retail sector in the Northern Emirates as we felt that the demand is strong for brands across the many categories. Ras Al Khaimah has a key role to play in expanding the presence of regional and international brands in the Northern Emirates. With our base strengths and multi-lingual teams of real estate professionals, we are in a strong position to offer a truly professional service driven by our many years of active involvement in the Middle East real estate sector.”

Colliers International is regarded the region’s leader in providing retail consultancy to the real estate industry through a specialized retail consultancy and advisory division.

Through the agreement, Colliers will be in charge of leasing the retail complexes in Julphar Towers and Mina Al Arab by attracting major international and regional retail brands across jewellery, food and beverage, FMCG, fashion, consumer electronics to set up presence in these complexes.

In the Middle East Colliers is widely recognized as market leaders in the fields of retail development advisory and real estate advisory amongst other property core services. It is a global real estate service company with 512 offices in 61 countries worldwide. The firm is one of the largest and most respected real estate service providers in the world and one of the regions longest serving International real estate companies, having been in the UAE since 1996.

Al Khatri added: “Julphar Towers features a number of high quality services to match different personal and professional preferences across its business and residential units. The project has free zone status which is considered a value addition for retail brands.”

Al Khatri pointed out: “The Lagoon area in Mina Al Arab offers an exceptional retail experience to customers who will be enjoying the shopping experience with the scenic sea view alongside the walk-in area in a complex set within an iconic project that is stretched across a 900-meter private beach and covering an area of 3.25 million square meters.”

With panoramic views of pristine beaches, Mina Al Arab provides world class living environment suitable for a healthy lifestyle with jogging tracks, swimming pools, tennis courts, children’s play area and ample open area to feel nature’s freshness.

-Ends-

Editors Note:

RAK Properties, a Public Joint Stock Company listed on the Abu Dhabi Securities Market, is a real estate development company established to implement the emirate’s plans to promote real estate, tourism and leisure facilities in RAK and invest in interesting projects. It is intended that its activities will encourage economic growth in the UAE in general and Ras Al Khaimah in particular. The company launched its first project, Julfar Towers – a 45-storied twin office and residential project at a cost of AED 500 million – in February 2006 followed by Mina Al Arab – spread over 43 million sq. feet at a cost of AED 10 Billion – in May 2006. It also launched RAK Tower in Abu Dhabi at Cityscape Dubai.

RAK Properties registers net profit of AED 108,419 million in 2011

Saturday, February 25th, 2012

The profits demonstrate gathering recovery of UAE real estate sector

RAK, UAE, 23 February 2012:  RAK Properties, Ras Al Khaimah’s biggest property developer listed on Abu Dhabi Stock Exchange, announced its financial results for the year of 2011 at its annual board meeting held yesterday evening (Wednesday 22nd February, 2012) in Ras Al Khaimah. The Board expressed optimism over the gathering recovery of the UAE real estate sector.

The company has posted a net profit of AED 108,419 million, while its total sales revenue at the end of the 2011 fiscal year amounted to AED 520,568 million.

The profits came from the delivery of major projects, like Mina Al Arab, Julphar Towers and RAK Tower in 2011. This demonstrates RAK Properties’ strong portfolio and growing revenue streams driven by increasing number of units being handed over in key projects.

Commenting on the results, Mohamed Sultan Al Qadi, MD & CEO of RAK Properties: “Major projects were delivered in 2011, leading to a stronger and cordial relationship between RAK Properties and its shareholders and customers. The RAK Properties teams in all departments contributed significantly to this positive scenario.”

We are adding a new revenue stream to our operations by launching retail and leasing services in Mina Al Arab and Julphar Towers in the coming year. We have already started achieving a revenue stream from the leasing of the residential units in three projects located in Ras Al Khaimah and on Al Reem Island in Abu Dhabi,” Al Qadi added.

“The handover of our flagship real estate projects in 2011 proves our leading position in this industry and our contribution to the national economy of the UAE. In addition, delivering these projects on schedule and within budget in 2011 has strengthened the relationship with our clients,” Al Qadi added.

-Ends-

Editors Note:

RAK Properties, a Public Joint Stock Company listed on the Abu Dhabi Securities Market, is a real estate development company established to implement the emirate’s plans to promote real estate, tourism and leisure facilities in RAK and invest in interesting projects. It is intended that its activities will encourage economic growth in the UAE in general and Ras Al Khaimah in particular. The company launched its first project, Julfar Towers – a 45-storied twin office and residential project at a cost of AED 500 million – in February 2006 followed by Mina Al Arab – spread over 43 million sq. feet at a cost of AED 10 Billion – in May 2006. It also launched RAK Tower in Abu Dhabi at Cityscape Dubai.