The UAE-based developer also recorded revenues of $40m over the first six months of 2016
RAK Properties, the UAE-based developer behind projects like RAK Tower and Mina Al Arab, has announced increased profits for the first half of 2016, while recording revenues of $40 million between January and June.
The reported figures reveal a 70.5% increase in net profits for the half-year, when compared to 2015’s figures – up to $10.50 million from $6.17 million. Similarly, revenues increased from $25.05 million to $40 million.
RAK Properties’ total assets were valued at $1.29 billion as of June 30, 2016.
“The results for the first half of 2016 are a clear indication of the company’s strong position in the market place,” said Mohammed Sultan Al Qadi, managing director and CEO of RAK Properties.
“Despite the downturn being experienced across the industry, demand is still there and reputable developers such as RAK Properties have established trust with local, regional and international buyers and investors.”
Qadi added that RAK Properties would be launching a number of new residential projects at the upcoming Cityscape Global exhibition in Dubai.
Earlier this year, the developer appointed two American firms to provide architecture and interior design services for its Anantara Mina Al Arab Ras Al Khaimah Resort.
Perkins Eastman and Wilson Associates joined a growing list of contractors and partners collaborating on the eco-themed waterfront resort project, which is due to be completed in 2018.
“Mina Al Arab… was created with the environment in mind, showcasing and protecting Ras Al Khaimah’s natural beauty particularly along its natural coastal wetlands,” said Qadi at the time.
“It’s master plan includes provisions for unique natural trails that will immerse guests in the richness and diversity of the Ras Al Khaimah natural environment. Perkins Eastman and Wilson Associates will help capture these elements in the hotel’s interior and exterior appearances.”