Monday, February 20, 2017

RAK Properties 2016 profits up 9.4pc to $48m

Ras Al Khaimah property developer, RAK Properties, has reported net operating profits of Dh175 million ($47.6 million) during 2016, as against Dh160 million in the previous year, marking a 9.38 per cent increase.

The developer stated that it achieved revenues in excess of Dh390 million in 2016, a year-on-year increase of 5.98 per cent on the 2015 revenues of Dh368 million, reported Wam, the Emirates official news agency.

As of December 31 2016, RAK Properties’ total assets were valued at Dh4.99 billion, an increase of 5.05 per cent on the Dh4.75 billion of total assets reported in 2015.

Managing director and CEO, Mohammed Sultan Al Qadi, said: "Last year presented a number of achievements for RAK Properties, including the announcement of further developments within Mina Al Arab. We have already started this year on a strong footing with further handovers and launches expected, 2017 promises greater success for RAK Properties, with a long term plan to launch projects worth Dh5 billion) until 2021."

RAK Properties formally handed over Phase 2 of Flamingo Villas in October 2016, two months ahead of schedule.

The new year began with the commencement of the enabling works at the 306-key Anantara Mina Al Arab, Ras Al Khaimah, as well as the enabling works contract for the 350-key InterContinental Ras Al Khaimah Mina Al Arab Resort being awarded.

Throughout 2017, RAK Properties is expected to announce additional residential, hospitality and retail projects.

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