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Wed 19 Apr 2017 09:42 AM

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RAK Properties to raise $1.36bn to fund new projects

Developer will soon relaunch Julphar Residence on Al Reem Island

RAK Properties to raise $1.36bn to fund new projects
Mohammed Sultan Al Qadi, RAK Properties CEO

Ras Al Khaimah-based RAK Properties will raise around $1.36 billion (AED5 billion) in the next four years to fund new projects across the UAE, according to its chief executive officer.

“We will raise AED5 billion between now and 2021 to finance our projects on Mina Al Arab in Ras Al Khaimah and our developments in Abu Dhabi,” Mohammed Sultan Al Qadi, RAK Properties CEO, told Arabian Business.

The company is set to relaunch its Julphar Residence on Al Reem Island, Abu Dhabi, very soon.

“We had announced the projects last year, but we delayed the ‘official’ launch because of the market situation. We think the market situation has improved and so we will relaunch them now,” Al Qadi added.

Julphar Residence is a 24-floor residential tower and will house 266 units.

RAK Properties reported a net profit of $47.69 million (AED175m) for 2016 with revenues of $106 million (AED390m). It recently approved a five percent cash dividend for its shareholders.

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