Leading property developer heads to Cityscape Global after posting revenues in excess of AED147 million for the first six months of 2016.
Ras Al Khaimah, UAE: RAK Properties PJSC, Ras Al Khaimah’s biggest property developer listed on the Abu Dhabi Stock Exchange, has reported increased profits during the first half of this year, with revenues in excess of AED147 million between the months of January to June 2016.
The reported half-year figures, announced ahead of the upcoming Cityscape Global 2016 to be held this week in Dubai, reveal a 70.5 per cent increase in net profits when compared to the same period in 2015 – up to AED38.69 million from AED22.69 million last year. Similarly, revenues increased from AED92.04 million in 2015 to AED147.10 million this year. To date, RAK Properties’ total assets are valued at AED 4.77 billion as of June 30, 2016, an increase on the AED 4.75 billion recorded on December 31, 2015.
Mohammed Sultan Al Qadi, Managing Director and CEO of RAK Properties, said: “The results for the first half of 2016 are a clear indication of the company’s strong position in the market place. Despite the downturn being experienced across the industry, demand is still there and reputable developers such as RAK Properties have established trust with local, regional and international buyers and investors.”
During September’s Cityscape Global exhibition in Dubai, RAK Properties will launch a number of new residential projects. Senior officials and spokespeople from the company will be present throughout the exhibition at stand number S3F30, Hall 3 to address any queries and interact with potential buyers and existing customers.