RAS AL KHAIMAH, 19th February, 2017 (WAM) -- Ras Al Khaimah property developer, RAK Properties, has reported a 9.38 percent increase in it net profits for 2016 compared to the previous year, and a 5.98 percent increase in its revenue across the same period.

The developer stated that it achieved revenues in excess of AED390 million in 2016, a year-on-year increase of 5.98 percent on the 2015 revenues of AED368 million.

The reported 2016 results reveal a 9.38 percent increase in net operating profits compared to the 2015 up AED175 million from AED160 million in 2015.

As of December 31 2016, RAK Properties total assets were valued at AED4.99 billion, an increase of 5.05 percent on the AED4.75 billion of total assets reported in 2015.

Managing director and CEO, Mohammed Sultan Al Qadi, said: "Last year presented a number of achievements for RAK Properties, including the announcement of further developments within Mina Al Arab. We have already started this year on a strong footing with further hand overs and launches expected, 2017 promises greater success for RAK Properties, with a long term plan to launch projects worth AED5 billion) until 2021."RAK Properties formally handed over Phase 2 of Flamingo Villas in October 2016, two months ahead of schedule.

The new year began with the commencement of the enabling works at the 306-key Anantara Mina Al Arab, Ras Al Khaimah, as well as the enabling works contract for the 350-key InterContinental Ras Al Khaimah Mina Al Arab Resort being awarded.

Throughout 2017, RAK Properties is expected to announce additional residential, hospitality and retail projects.

Copyright Emirates News Agency (WAM) 2017.