PROJECTS: Development update: UAE's RAK Properties on track with residential and hospitality projects 

Company posts 280% increase in Q2 2021 net profit


UAe-based developer RAK Properties said on Sunday that its residential and hospitality projects in the country are on track.

The developer said in a stock exchange statement that the 205-unit Marbella Villas project in Mina Al Arab, Ras Al Khaimah, and the 266-unit Julphar Residence in Reem Island, Abu Dhabi will be handed over in 2021.

The Marbella Villas project was scheduled to be completed in the first half of 2021, according to a July 2020 statement issued by RAK Properties. 

The company said the development of its two 5-star hotel projects in Mina Al Arab is progressing well.

It said the [350-key] Intercontinental Hotel and Resort is scheduled to open in the fourth quarter of 2021 while the [174-key] Anantara Mina Al Arab Hotel is scheduled to start operations in [late] 2022.

US' Hill International was appointed last month as project management consultant for the Anantara resort. 

Future projects include Bay Residence and Gateway Residence 2 tower in Min Al Arab's Hayat Island.

The developer reported a net profit of 119.8 million dirhams ($33 million) for first half 2021 compared to 26.73 million dirhams ($7.3 million) for the same period last year, an increase of 348 percent. Second quarter 2021 net profit increased by 280 percent to 55.7 million dirhams ($15.2 million) compared to 14.7 million dirhams ($4 million) a year ago.  

(Writing by SA Kader; Editing by Anoop Menon)

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