Property

RAK Properties reports 61% increase in revenues

Revenues of more than $31.2m recorded between January to March 2017

Mohammed Al Qadi, managing director and CEO, RAK Properties

RAK Properties has reported revenues in excess of AED115m ($31.2m) for the first three months of 2017, an increase of 61.41% compared to the same period in 2016.

As of March 31, 2017, Ras Al Khaimah’s largest property developer holds assets valued at AED5.06bn.

The developer said sales in the past 12 months were mainly off-plan products, and thanks to increased interest in Ras Al Khaimah, following growth in tourism numbers. The city’s tourism authority is targeting one million visitors by the end of 2018, which prompted calls for investment in further accommodation across the emirate.

Commenting on the results, managing director and CEO Mohammed Sultan Al Qadi said, “RAK Properties continues to go from strength to strength, and our latest sales figures are testament to the confidence investors have in our developments across the UAE.”

In the last year, RAK Properties broke ground on two international resorts within the Mina Al Arab project. The contract for enabling work on the forthcoming 350-key InterContinental Ras Al Khaimah Mina Al Arab Resort was announced earlier this year, following news of progress on enabling work at the 306-key Anantara Mina Al Arab, Ras Al Khaimah.

“Ras Al Khaimah is establishing itself as a strong proposition for investors and home owners alike, with significant demand for waterfront property. Through our own developments, we are meeting this demand and providing communities that encompass affordable luxury in an idyllic setting,” Al Qadi added.

The property developer also announced further development across the mixed-use master development, including the launch of Gateway Residences, a 144-apartment complex, in addition to an 811,420m2 island, with an investment of AED5bn. The latter is poised to become the emirate’s social and entertainment hub.

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