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Leading property developer heads to Cityscape Global after posting revenues in excess of AED147 million for the first six months of 2016
Ras Al Khaimah, UAE: RAK Properties PJSC, Ras Al Khaimah's biggest property developer listed on the Abu Dhabi Stock Exchange, has reported increased profits during the first half of this year, with revenues in excess of AED147 million between the months of January to June 2016.
The reported half-year figures, announced ahead of the upcoming Cityscape Global 2016 to be held this week in Dubai, reveal a 70.5 per cent increase in net profits when compared to the same period in 2015 - up to AED38.69 million from AED22.69 million last year. Similarly, revenues increased from AED92.04 million in 2015 to AED147.10 million this year. To date, RAK Properties' total assets are valued at AED 4.77 billion as of June 30, 2016, an increase on the AED 4.75 billion recorded on December 31, 2015.
Mohammed Sultan Al Qadi, Managing Director and CEO of RAK Properties, said: "The results for the first half of 2016 are a clear indication of the company's strong position in the market place. 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."
During September's Cityscape Global exhibition in Dubai, RAK Properties will launch a number of new residential projects. Senior officials and spokespeople from the company will be present throughout the exhibition at stand number S3F30, Hall 3 to address any queries and interact with potential buyers and existing customers.
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About
RAK Properties, a Public Joint Stock Company listed on the Abu Dhabi Securities Market, is a real estate development company established to implement the emirate's plans to promote real estate, tourism and leisure facilities in RAK and invest in interesting projects. It is intended that its activities will encourage economic growth in the UAE in general and Ras Al Khaimah in particular. The company launched its first project, Julphar Towers - a 45-storied twin office and residential project at a cost of AED 500 million - in February 2006 followed by Mina Al Arab - spread over 43 million sq. feet at a cost of AED 10 Billion - in May 2006. It also launched RAK Tower in Abu Dhabi at Cityscape Dubai. For more information, please visit www.rakproperties.net
Press contacts:
The MCS Action PR team
Peter Redding/ Samer El Zein/ Parisa Bukhowa
+971 (4) 390 2960
peter.r@actionprgroup.com / samer.z@actionprgroup.com / parisa.b@actionprgroup.com
© Press Release 2016
