RAK Properties to launch new projects

Mohammed Sultan Al Qadi

Abu Dhabi listed RAK Properties which earned slightly higher profits in the first half of the year to Dh52 million, up from Dh51million, may launch new projects. The property developer also reported revenues amounting to Dh149 million with total sales value in excess of Dh234 million for the first six months of this year.

To date, RAK Properties’ current total assets are valued at Dh4.7 billion. The property developer’s continuous growth can be attributed to the increasing investor confidence in RAK’s potential as a business and residential 
haven.

The first half of 2014 saw the commencement of construction works for the company’s hugely successful Flamingo Villas project in the Mina Al Arab area, comprising of 124 villas. On the back of strong demand for waterfront property, the company also launched the Bermuda Villas project, a new beachfront community consisting of 157 villas and townhomes ranging from two to six bedrooms.

The company also distributed five per cent dividend amounting to Dh100 million for the year 2013. Mohammed Sultan Al Qadi, Managing Director and CEO, RAK Properties, said that his company’s performance is a clear indication of RAK Properties’ continuous growth and the increasing confidence in RAK as a strategic place to setup business and build home. He said that Rak Properties is studying the country’s recent recovery in the estate market prompting it launching new projects, which includes more residential developments and hospitality leisureprojects. “We are upbeat that the remaining half of 2014 will be very fruitful for us,” he said.