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RAK Properties reviews FY 2018 results, strategy at Annual General Meeting

March 24th, 2019


RAK Properties PJSC, one of the leading real estate developers in the UAE, held the Annual General Meeting (AGM) at the Marjan Double Tree by Hilton in Ras Al Khaimah. The AGM reviewed and approved the company’s activities and its financial position as reported by the Auditors for the year ended ending December 31, 2018. After discussing and approving the corporate Balance Sheet statements, the AGM approved the agenda and appointed the auditors for the current financial year.

The meeting was led by H.E. Mohammad Hasan Omran, Chairman of RAK Properties. It was attended by members of the board of directors, the executive management and shareholders of Ras Al Khaimah’s largest property developer.

“Our financial results for 2018 reflected the significant progress made on residential projects – both under construction and scheduled to be launched in 2019. We expect a significant boost in our recurring revenue portfolio in future once the Anantara and Intercontinental hotels in Mina Al Arab are operational.” said H.E Mohammed Hasan Omran.

During the last quarter of 2018, RAK Properties launched Marbella Villas, an exclusive set of properties offering spacious luxury in the form of varying villas and townhouses with extraordinary services and comforts. The project comprises of 205 residences that will be constructed along with the beachfront in Hayat Island, Mina Al Arab.

RAK Properties declared a net profit of AED 151 million in 2018, compared to AED 192 million for 2017. Building on the robust performance of 2017, the Company had further developed secure financial traction in 2018, with total assets increasing by 3.5% to AED 5.3 billion at the end of December 2018.

This year, RAK Properties is expected to hand over the Gateway Residence homes in Ras Al Khaimah and Julphar Residence on Abu Dhabi’s Reem Island by the end of 2019.