2013-03-30

The net profit amounts to 27.29 % of the total 2012 profit

Ras Al Khaimah, UAE, 30 April 2013: RAK Properties, Ras Al Khaimah’s biggest property developer listed on Abu Dhabi Stock Exchange, has earned a net profit of AED 40.1 million in the first quarter of 2013. The net profit amounts to 27.29 % of the total 2012 profit

Mohamed Sultan Al Qadi, MD & CEO of RAK Properties, said: “We expect further growth in our operations for the rest of the year, driven by the overall positive sentiment in the real estate sector in the Emirate of Ras Al Khaimah and the UAE in general.”

“The coming period is very promising as units in Mina Al Arab, Julphar Towers and RAK Tower in Abu Dhabi have shown accelerated demand as well as there is an increase in the number of retail outlets booking spaces in our projects.”

RAK Properties has added a new line to the overall revenue model by developing retail complexes. As a result, leading retail names like ‘Choithram’, ‘Fitness First’ and ‘Costa Coffee’ have launched operations.  The company is expecting more retail launches in the coming period.

RAK Properties is supporting Ras Al Khaimah Government plans to contribute to the development of the real estate and tourism sector in the emirate.

Editors Note:

RAK Properties, a Public Joint Stock Company listed on the Abu Dhabi Securities Market, is a real estate development company established to implement the emirate’s plans to promote real estate, tourism and leisure facilities in RAK and invest in interesting projects. It is intended that its activities will encourage economic growth in the UAE in general and Ras Al Khaimah in particular. The company launched its first project, Julfar Towers – a 45-storied twin office and residential project at a cost of AED 500 million – in February 2006 followed by Mina Al Arab – spread over 43 million sq. feet at a cost of AED 10 Billion – in May 2006. It also launched RAK Tower in Abu Dhabi at Cityscape Dubai.