UAE: RAK Properties 2016 net profits grow 9.4% to reach $48m
Ras Al Khaimah property developer, RAK Properties, has reported net profits of AED175m during 2016, as against AED160m in the previous year, marking a 9.3% increase.
The developer stated that it achieved revenues in excess of AED390m in 2016, a year-on-year increase of 5.9% on the 2015 revenues of AED368m, reported Wam.
As of December 31, 2016, RAK Properties total assets were valued at AED4.99bn, an increase of 5.05% on the AED4.75bn of total assets reported in 2015.
Managing director and CEO, Mohammed Sultan Al Qadi, said: “Last year presented a number of achievements for RAK Properties, including the announcement of further developments within Mina Al Arab. We have already started this year on a strong footing with further handovers and launches expected, 2017 promises greater success for RAK Properties, with a long term plan to launch projects worth Dh5 billion) until 2021.”
RAK Properties formally handed over Phase 2 of Flamingo Villas in October 2016, two months ahead of schedule.
The new year began with the commencement of the enabling works at the 306-key Anantara Mina Al Arab, Ras Al Khaimah, as well as the enabling works contract for the 350-key InterContinental Ras Al Khaimah Mina Al Arab Resort being awarded.
Throughout 2017, RAK Properties is expected to announce additional residential, hospitality and retail projects.
