RAK Properties has recorded a 348 percent surge in profits for the first half of 2021, reaching AED119.8 million ($32.6m), compared to AED26.7m ($7.3m) reported over the same period in 2020.
In a statement on Monday, the company said the growth in profits reflect its successful strategy set to overcome the challenges posed by the Covid-19 pandemic.
Financial results disclosed by the real estate firm also revealed a 121 percent rise in revenues to AED265.1m ($72.2m) in the first half of 2021, compared to AED120.02m ($32.7m) over the same half yearly period last year.
Abdulaziz Abdullah Al Zaabi, chairman of RAK Properties.
Total income rose to AED106.58m ($29.1m) as opposed to AED11.4m ($3.1m) in the first half of 2020.
Abdulaziz Abdullah Al Zaabi, chairman of RAK Properties, said: “We are pleased with these results that prove once again the strength of the real estate market in the UAE and the available investment opportunities that overcome all challenges.”
The developer behind the AED10 billion ($2.72bn) Mina Al Arab master development also revealed two new future projects that will be added to its portfolio, including the Bay Residence project on Hayat Island in Mina Al Arab; and Gateway Residence 2, a residential tower on Raha Island, which is also located within the Mina Al Arab project.
“The real estate market is on the verge of more exceptional performances during the coming period, with more projects to be delivered soon,” added Al Zaabi.
Later this year, the company also plans to hand over its two residential projects: Marbella Villas in Mina Al Arab, which includes 205 villas and townhouses; and Julphar Residence on Al Reem Island in Abu Dhabi, which includes 266 apartments.
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