Ras Al Khaimah, 7th November, 2021
RAK Properties, one of the leading real estate developers and tourism infrastructure firms in the United Arab Emirates, is preparing to participate in the “Cityscape Global”, which will be held on November from the 9th to the 11th at the Dubai Exhibition Center at the site of “Expo 2020 Dubai”.
During this participation, the company will introduce its current residential, commercial and tourism projects that are soon to be delivered, especially the five-star hotels projects in Ras Al Khaimah, apartments in Abu Dhabi and and residential villas Ras Al Khaimah, in addition to offering exclusive schemes to the exhibition visitors on all its projects.
Mohammed Al Tair, Acting CEO of RAK Properties, confirmed that this partaking comes in light of the continuous recovery of the real estate market in the United Arab Emirates, which gives hope of an increase in sales on residential and commercial units in the upcoming period, as well as an increase in tourism activity and turnout to resorts and hotels in various parts of the country.
Al Tair pointed out that RAK Properties seeks to strengthen the status of the real estate and tourism sector in the emirate and the country, through the development of quality projects overlooking sea beaches, nature reserves and green spaces, while providing all the necessities of a high-end life, and offering investors of all nationalities the opportunity to own the right property with flexible payments and at competitive prices.
The company is currently working on the completion of the five-star “InterContinental Mina Al Arab” Hotel and Resort, in preparation for its opening during the last quarter of this year. The “Anantara Mina Al Arab” Hotel and Resort is also expected to open next year, in addition to accelerating work at the final stages of the Marbella Villas project on Hayat Island in Mina Al Arab, and there is the “Julphar Residence” project on Al Reem Island in Abu Dhabi, with 266 apartments, and is expected to be delivered during the current year.
RAK Properties profit during the first nine months of this year jumped strongly to reach 197.9 million dirhams, compared to 40.97 million dirhams in the same period in 2020, a growth of 382.68%. In addition, its revenues grew to 424.37 million dirhams at the end of the third quarter of 2021 compared to 177.54 million dirhams in the same period last year, registering a growth of 139%.