Total assets increased to AED5.3 billion
Ras Al Khaimah, UAE, 20th of February 2019: RAK Properties PJSC have announced their financial results for the fiscal year 2018. The company reported an increase in its total assets from AED5.1 billion announced by the end of 2017 to AED5.3 billion in 2018. The property developers posted a net profit of AED151 million in 2018, compared to AED192 million in 2017.
Commenting on the financial results, RAK Properties’ CEO, Samuel Dean Sidiqi, said, “RAK Properties portfolio caters to the ever-changing market needs which is reflected positively in our new projects. We will continue our efforts to pioneer in creating healthy communities close to nature and in making destinations that bring people together. This creation of value ultimately supports the returns we can give to our shareholders”.
Sidiqi added, “The financial results reflect the significant progress made on residential projects both under construction and due to launch over the current year. RAK Properties has commenced constructing the Anantara and Intercontinental hotels in Mina Al Arab which will strengthen the recurring revenue portfolio in the future”
Construction works are ongoing on the Gateway Residence; a residential building comprising of 144 apartments in Al Raha Island, Mina Al Arab, Ras Al Khaimah. As development is soon to reach completion, handover is expected later this year. The construction work of Julphar Residence is also progressing to schedule, with the delivery of the tower expected in 2019. Julphar will be unveiled as an elegant and modern residential tower, serving as a landmark at the heart of Reem Island, Abu Dhabi.
In the 4th 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 the beachfront in Hayat Island, Mina Al Arab.
Another important project of the company’s portfolio is Bay Residences in Mina Al Arab, a development comprising of 4 towers housing 569 apartments and 16 townhouses. The project is designed to exemplify and accentuate idyllic habitat featuring Hayat Island’s natural environment. Bay Residences is scheduled to commence construction later this year, with supporting marine works already started.
Additionally, construction works are well underway for the 306-room Anantara Hotel Resort, in Mina Al Arab. The resort will feature the Emirate’s first overwater-villa-complex; inspired by Maldivian residential architecture, overlooking the stunning eco-reserves, surrounded by mangroves.
Finally, the luxurious Inter-Continental Mina Al Arab Resort is well in to the latter stages of development. It is a majestic resort offering 350 rooms, including an array of 5-star facilities, sea facing views and a variety of rooms and suites expected from a luxury resort. Included in the premises is a health club and spa, two pools, a well-equipped gym and a number of specialty restaurants.