RAK Properties profit jumps 35.6% in 2012
Company anticipates strong financial results for Q1 of 2013
RAK Properties has posted profits of $47mn for 2012. The net profit of RAK Properties in 2012 rose 35.6% to reach $47mn compared to $29mn in 2011.
Mohammad Sultan Al Qadi, managing director and CEO of Rak Properties, expressed optimism that the real estate outlook for the year 2013 is very promising.
He also announced that the company has ambitious plans to develop a five-star hotel in Mina Al Arab as well as residential buildings in Abu Dhabi, subject to availability of finance at attractive terms.
Al Qadi said that his company anticipates remarkable financial results for first quarter of 2013, based on its strong and ambitious plans for the coming period.
The increase in profit for 2012 fiscal year came from increased demand for RAK Properties’ key projects, including Mina Al Arab, Julphar Towers and RAK Tower in Abu Dhabi as well as its early settlement of its $50mn loan with the Investment and Development Office of Ras Al Khaimah Government.
The positive results come at a time when the real estate industry in Ras Al Khaimah is witnessing overwhelming demand from investors, in the face of lucrative opportunities in shopping, retail and hospitality sectors.
