GCC Real Estate Titans 2019

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Mohammad Sultan Al Qadi

Mohammad Sultan Al Qadi

Company:

RAK Properties

Designation:

Managing director

RAK Properties is respon-sible for projects such as the $1.3bn social and entertainment hub Hayat Island, which spans 811,420 sq m and boasts a collection of international four- and five-star resorts.

Al Qadi has been the CEO and managing director of RAK Properties since June 2005.

He previously held senior positions at Etisalat, and served as the general manager of Etisalat Ras Al Khaimah.

At Cityscape this year the company showcased the latest developments in its Gateway project, and the progress on the Marbella Villa project.

“These new and vibrant projects will go on to become iconic and landmark destinations in the emirate,” Al Qadi said of the projects.

Like most operators in the UAE, the company has had a mixed 2019. It reported that first-half 2019 net profit decreased 45 percent, but second-quarter net profit jumped 173 per cent year-on-year on the back of higher revenues. The developer’s revenues in the first six months of the year increased from AED75.4m   ($20.5m) to AED78.4m ($21.3m), on the back of revenues in the second quarter of the year surging from AED18.4m ($5m) to AED32.6m ($8.87m).

In a stock market filing in July 2019, RAK Properties announced that construction was steadily progressing on the 205 villas and townhouses of its Marabella Villas project, as well as the 350-key Intercontinental Hotel and Resort within the $1.3bn (AED5bn) Mina Al Arab megaproject.

Construction of Anantara Mina Al Arab Hotel and Resort is also on target.