RAK Properties PJSC, Ras Al Khaimah’s largest property developer, has announced record net profits for the 9-month period ending September 30, 2006 of AED 376.6 million, accounting for 18.8% of the company’s capital of AED 2 billion. This stands the company’s assets at AED2.531 billion for the same period.
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 itself as the premier real estate company in the Emirate of Ras Al Khaimah.
“RAK properties has managed yet again to prove its commitment to its shareholders, aligned with Sheikh Saud Bin Saqr Al Qasimi, the Crown Prince and Deputy Ruler of Ras Al Khaimah’s vision,” said Mohammad Sultan Al Qadi, Managing Director of RAK Properties. “The 9-month results reflect the strength that’s indicative of RAK Properties’ basics,” added Al Qadi.
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.
“As a company committed to its shareholders, we want to go the extra mile and enhance investor confidence through value-added projects,” concluded Al Qadi.
RAK Properties, a Public Joint Stock Company listed on the Abu Dhabi Securities Market, is a real estate development company that operates in a sector that is enjoying an economic boom. It is established to implement the emirate's plans to promote real estate, tourism and leisure facilities in RAK and invest in interesting projects. It is intended that its activities will encourage economic growth in the UAE in general and Ras Al Khaimah in particular. 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 Company’s projects met business targets, which ensured sustained growth in the business and increase in shareholder value. RAK Properties has thus firmly established itself as the premier real estate company in the Emirate of Ras Al Khaimah.
“RAK properties has managed yet again to prove its commitment to its shareholders, aligned with Sheikh Saud Bin Saqr Al Qasimi, the Crown Prince and Deputy Ruler of Ras Al Khaimah’s vision,” said Mohammad Sultan Al Qadi, Managing Director of RAK Properties. “The 9-month results reflect the strength that’s indicative of RAK Properties’ basics,” added Al Qadi.
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.
“As a company committed to its shareholders, we want to go the extra mile and enhance investor confidence through value-added projects,” concluded Al Qadi.
RAK Properties, a Public Joint Stock Company listed on the Abu Dhabi Securities Market, is a real estate development company that operates in a sector that is enjoying an economic boom. It is established to implement the emirate's plans to promote real estate, tourism and leisure facilities in RAK and invest in interesting projects. It is intended that its activities will encourage economic growth in the UAE in general and Ras Al Khaimah in particular. 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.
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