RAK Properties logs dramatic first year

RAK Properties has announced rich returns in record time netting first year profits of AED473 million.
RAK Properties logs dramatic first year
By James Bennett
Thu 01 Feb 2007 05:15 PM

RAK Properties has announced rich returns in record time netting an annual profit of AED473 million in its first financial year.

In recognition of the business's debut 12-month success, the company's board of directors recommended a 7.5 % dividend to its shareholders, following its positive first financial year ended December 31 2006.

The real estate company's annual profits were AED473.897m from June 2005 to 31 December 2006.

Mohammed Sultan Al Qadi, managing director of RAK Properties, said that the business had achieved "remarkable profits in a very short period of time".

"We are now able to recommend a 7.5 % cash dividend for our shareholders.

Such returns in 19 months is definitely an industry record and it speaks of our capability to deliver on our promises and achieve the visionary goals set by His Highness Sheikh Saud Bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah," he said.

"Within a short span of time Ras Al Khaimah has successfully positioned itself as the ideal destination for investment as well as leisure and tourism. RAK Properties too, in a short time, been able to display the strength and potential of the emirate's real estate sector to the investor community," Al Qadi added.

The company launched its first project, Julfar Towers, a twin 43-storey office and residential project at a cost of AED500 million in February last year followed by Mina Al Arab, spread over an area of 35 million square feet, at a cost of AED10bn in May 2006. The business has signed partnership agreements with various financial institutions, investments and property developers as part of its business strategy.

This year will also mark RAK Properties' foray into international and emerging markets.

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