RAK Properties posts 22.5 surge in profit

RAK Properties recorded a 22.5 per cent growth in net profit to Dh114 million in 2020 compared to Dh93 million in 2019.

The developer said in a statement on Sunday that the value of its assets surged to Dh5.8 billion in 2020 from Dh5.6 billion as revenue increased by 25 per cent to Dh243 million in 2020 from Dh195 million in 2019.

Mohammed Sultan Al Qadi, managing director of RAK Properties, said the company’s performance in 2020 reflected its ability to deal with challenges during these exceptional pandemic circumstances which cast a shadow over all sectors and affected it directly and indirectly. Despite the challenges, RAK Properties announced initiatives that align with the government’s efforts to support all the investors and stakeholders in the long term, said Al Qadi.

As a result, Mina Al Arab community, a waterfront community continued to lure in investors and end-users who looked for a safe haven, highest safety and security measures were in place in response to the guidelines put forward by the concerned authorities, the developer said in its statement.

Situated along the shoreline, Mina Al Arab community is surrounded by wetlands and beaches, and offers 100 per cent freehold for all nationalities.

In 2020, RAK Properties handed over Gateway Residence and commenced the sales of “Al Marsa Plots,” residential waterfront plots located in Ras Al Khaimah.

The company also achieved progress in the construction of its beachfront development, Marbella Villas, and at its Intercontinental Mina Al Arab Hotel and Resort, and Anantara Mina Al Arab Hotel & Resort.

At present, RAK Properties and Federal Electricity and Water Authority are in discussion to connect Fewa Power. Such an arrangement will further encourage investors and customers to invest in Mina Al Arab as the utilities charge is expected to drop from current level, the developer said.

— issacjohn@khaleejtimes.com