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Sat 17 Oct 2009 04:02 PM

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RAK Properties reports $49m profit for first nine months

Ras Al Khaimah developer says its total equity for period amounts to AED3.15bn.


RAK Properties

has posted a net profit of AED181.49m ($49.4m) by the third quarter of this year, the developer said in a statement on Saturday.

The Ras Al Khaimah-based firm said its total equity after nine months, ending on September 30, amounted to AED3.15bn – up AED77m compared to the same period in 2008.

Mohamed Sultan Al Qadi, managing director and CEO, said the firm was expected to achieve further profit growth with the completion of several projects later this year.

He said the money relating to the sales of these under construction properties was not included in this financial report.

RAK Properties

is set to hand over 93 villas in its Mina Al Arab development.

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