Leading property developer posts revenues worth AED 149 million with total sales value in excess of AED 234 million
RAK Properties PJSC, Ras Al Khaimah’s (RAK) biggest property developer listed on the Abu Dhabi Stock Exchange, has reported excellent performance for the first half of 2014, earning net profits worth AED 52 million, during its recent board meeting held at the company’s offices in RAK. The reported figures showed a slight increase from the AED 51 million posted over the same period in 2013. The leading property developer also revealed gaining revenues amounting to AED 149 million with total sales value in excess of AED 234 million for the first 6 months of this year. To date, RAK Properties’ current total assets are valued at AED 4.7 billion. The meeting was presided over by Mohammed Hasan Omran, Chairman, RAK Properties.
According to the report, the company’s continuous growth can be attributed to the increasing investor confidence in RAK’s potential as a business and residential haven. The first half of 2014 saw the commencement of construction works for the company’s hugely successful Flamingo Villas project in the Mina Al Arab area, comprising of 124 villas. On the back of strong demand for waterfront property, the company also launched the Bermuda Villas project, a new beachfront community consisting of 157 villas and townhomes ranging from two to six bedrooms. The company also disbursed five per cent dividends amounting to AED 100 million for the year 2013.
Mohammed Sultan Al Qadi, Managing Director and CEO, RAK Properties, said, “We are pleased with the company’s strong performance for the first half of the year—which is a clear indication of RAK Properties’ continuous growth and the increasing confidence in RAK as a strategic place to build your business and your home. We have also been carefully studying the country’s real estate market conditions, which prompted us to study launching new projects, which includes more residential developments and hospitality leisure projects. We are upbeat that the remaining half of 2014 will be very fruitful for us.”
RAK Properties is one of the largest real-estate developers in the GCC and is currently engaged in a massive expansion phase. The company has developed a large and strong clientele, thereby enhancing its standing by bringing in top international brands to its projects.
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.