RAK Properties posts $41m profit
Ras Al Khaimah, February 11, 2014
RAK Properties, the leading property developer in Ras Al Khaimah, has posted a net profit of Dh151 million ($41 million) for 2013, when compared to Dh147 million the year before.
Lauding the results, managing director and CEO Mohammad Sultan Al Qadi said: “We are satisfied with the company's performance in 2013 and we anticipate stronger performance in 2014."
"In 2013, we handed over 192 residential units, including villas, townhouses, apartments and commercial offices in Mina Al Arab and Julphar Tower in Ras Al Khaimah and RAK Tower in Reem Island in Abu Dhabi,” he stated.
Impressed with the results, the company board has proposed a 5 per cent cash dividend for 2013. The proposal will be presented for ratification at the annual general meeting to be held on March 6, said Al Qadi.
He pointed out that the leasing of residential, offices and retail space had seen a noticeable increase and this improvement was expected to continue during 2014.
In 2013, the company set up a Customer Service Centre in Julphar Towers and also opened a full-fledged Sales Office in Mina Al Arab Project.
The UAE real estate prices will continue to witness solid growth following the Expo 2020 bid win. We expect that the property sector in Ras Al Khaimah too will see a stable and sustainable growth in the long and short run," he added.
In 2013, RAK Properties announced the ‘Flamingo Villas’ project that comprises 104 sea-view villas located on the coast line in Mina Al Arab. The villas come with all amenities, including separate swimming pools for adults and kids, children’s play area with different play equipment, a multipurpose court and green turf areas.
“In 2013, we followed a clear strategy to provide modern architectural designs that come in harmony with the theme of RAK Properties ‘Living Closer to Nature’. We equip our projects all the basic amenities and entertainment facilities to offer customers a quality living experience that meets their expectations in terms of quality and return on investment,” Al Qadi said.-TradeArabia News Service