Tuesday, October 17, 2006

RAK properties announced a net profit of Dh376 million

RAK Properties yesterday announced a net profit of Dh376.6 million for the nine-month period ending September 30. This accounted for 18.8 per cent of the company’s Dh2 billion capital, while its assets amount to Dh2.53bn.

“RAK Properties has managed yet again to prove its commitment to its shareholders,” said Managing Director Mohammad Sultan Al Qadi. “The nine month results reflect the strength that is indicative of RAK Properties’ basics.” RAK Properties was formed in March 2005 and issued an IPO the same month, offering 55 per cent of the company, with the remaining 45 per cent retained by the Ras Al Khaimah Government.

The company launched its first project, the Dh500m Julfar Towers, in February 2006. This will be a 42-storey twin office and residential project in the centre of Ras Al Khaimah, providing 349 apartments and 468 office units. The company’s second project was announced in May.This will be the Dh10bn Mina Al Arab, a 30 million square feet tourist development located around natural lagoons, islands and beachfront in the northern emirate.

A number of themed resort hotels and two eco-hotels will be built, providing 3,500 rooms, plus 3,500 residential units and 310 hectares of open spaces containing ecological preserves, abra water taxis, parks, mosque, cafes and restaurants and leisure facilities.

No comments: