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RAK Properties shows healthy half-yearly results

- July 26, 2006, 8:10 pm

RAK Properties, Ras Al Khaimah’s largest property developer, has announced a steady growth for the first half of 2006.

The net profit of the company for the 13-month period ending 30th June 2006 is AED424.661 million. This stands the company’s assets at AED2.51 billion for the six-months ending 30th June 2006.

The Company’s projects met business targets, which ensured sustained growth in the business and increase in shareholder value. RAK Properties has thus firmly established themselves as the premier real estate company in the Emirate of Ras Al Khaimah.

‘Thanks to the vision and leadership of His Highness Sheikh Saud Bin Saqr Al Qasimi, the Crown Prince and Deputy Ruler of Ras Al Khaimah, RAK properties has managed to prove our commitment to our shareholders,’ said Mohammad Sultan Al Qadi, Managing Director of RAK Properties.

The company launched its first project, Julfar Towers (a 43-storied twin office and residential project at a cost of AED500 million) in February 2006 followed by Mina Al Arab (spread over 30 million sq. feet at a cost of AED 10 Billion) in May 2006. The presence of such world-class projects allows RAK properties to feel confident about the future of the company and Ras Al Khaimah alike.

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