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RAK Properties posts 59% profits in H1 2017

Ras Al Khaimah-based RAK Properties has announced the results for the first six months of 2017, with revenues exceeding AED211mn.

The figures revealed an increase to AED62mn from AED39mn in net profits from the period ending June 2017, an increase of 59% compared to the same period last year.

The Abu Dhabi Stock Exchange-listed firm currently boasts total assets valued at AED5.11bn, a significant increase on the AED4.99bn recorded at the end of last year.

Commenting on the results, managing director and CEO of the company, Mohammed Sultan Al Qadi, said: “Our half year results serves as proof that, with unwavering support from investors for our developments across the UAE, RAK Properties continues to go from strength to strength. Having already completed several key projects and accomplished various operational achievements, we look forward to the remainder of 2017.”

The developer recently delivered 157 luxury residential units at Bermuda Villas, its latest residential development in Mina Al Arab in Ras Al Khaimah.

The villas, the latest edition to the company’s already diverse property portfolio, have been developed to help meet the growing demand for residential property in the northern emirate. Mina Al Arab represents a mix of recreational outlets and investment opportunities that ensure the future success of the project, which provides a mix of practical amenities and hospitality for both residents and visitors.

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