RAK Properties records net profit of 114.58 million during first three months of 2008 |
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Ras Al Khaimah, April 28th, 2008 (WAM) - RAK PropertiesRAK Properties
, the most prominent property developer in Ras Al Khaimah, has announced a net profit of AED 114.58 million for the first three months of 2008, ended 31st March. The first quarter profits indicate earnings per share (EPS) of AED 0.057 and marks an increase of 11% over the corresponding period in 2007.
. "RAK PropertiesRAK Properties supports the vision of His Highness Sheikh Saud Bin Saqr Al Qasimi, Deputy Ruler and Crown Prince of Ras Al Khaimah, to promote economic growth and transform the emirate into one of the region's leading destinations for tourism and real estate investment. The success we have achieved encourages us to continue in the same direction by initiating leading projects and forming strategic partnerships," he added. The RAK PropertiesRAK Properties investment portfolio includes residential, commercial and leisure facilities. Julfar Towers, the company's maiden initiative launched in 2006, is a business and residential project of AED500 million, with two towers rising up to 43 floors. Mina Al Arab, the company's second project, is a mixed-use waterfront resort community that will epitomise the 'Living Closer to Nature' motto of RAK PropertiesRAK Properties. Spread over 30 million sq. feet and with an estimated cost of AED10 billion, the project was announced in 2006. RAK Tower, an AED 300 million project launched by RAK PropertiesRAK Properties in 2007, is a residential tower in Abu Dhabi comprising 43 floors.
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