Ras Al Khaimah, 09 Nov, 2021
His Excellency Abdulaziz Abdullah Al Zaabi, Chairman of RAK Properties, assured that the establishment of the Cityscape 2021 exhibition at Expo 2020 Dubai, puts the local real estate sector at the center of the world’s attention. In addition, it enables real estate developers to access the comprehensive group of investors and visitors participating in the largest exhibition hosted by the UAE to date.
His Excellency pointed out that RAK Properties, driven by the continuous growth in profits, is on the verge of a qualitative leap in its projects. It recorded an increase of 383% in net profits in the third quarter of this year.
RAK Properties is currently undergoing the construction of two five-star hotel projects, with the 351-room Intercontinental Mina Al Arab Hotel and Resort expected to start operating during the first quarter of 2022, followed by the opening of the Anantara Mina Al Arab Hotel and Resort in 2023. In addition, the developer will soon start the handover of residential projects in Hayat Island in RAK and Al Reem Island in Abu Dhabi, respectively.
Al Zaabi expressed that the company will be one of the first real estate developers to benefit from the growing global interest in UAE real estate, especially in light of its tendency to launch distinctive projects aimed at enhancing tourism, in the hospitality sector. RAK Properties is also highly regarded for its residential and commercial projects. All of this will contribute to improving the company’s revenues and increasing the added value offered to investors by the company and its projects.