RAK Properties announces rich returns in record time

A decision to this effect was approved by the Board of Directors of RAK Properties today. The real estate company has netted an annual profit of 473.897 million dirhams in its very first financial year (from June 2005 to 31 December 2006).

"In a short period, RAK Properties has achieved remarkable profits and we are now able to recommend a 7.5 % cash dividend for our shareholders. Such returns in 19 months is definitely an industry record and it speaks of our capability to deliver on our promises and achieve the visionary goals set by His Highness Sheikh Saud Bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah," said Mohammed Sultan Al Qadi, Managing Director of RAK Properties.

"Within a short span of time Ras Al Khaimah has successfully positioned itself as the ideal destination for investment as well as leisure and tourism. RAK Properties too, in a short time, been able to display the strength and potential of the emirate's real estate sector to the investor community,"

Al Qadi added.

Since its inception, RAK Properties has been spearheading property development in Ras Al Khaimah through an intelligent choice of investments and careful selection of partners.

The Company launched its first project, Julfar Towers, a twin 43-storey office-cum-residential project at a cost of AED500 million in February 2006 followed by Mina Al Arab, spread over an area of 35 million sq. feet, at a cost of AED 10 Billion in May 2006.

RAK Properties has also gone ahead and signed partnership agreements with various financial institutions, investments and property developers as part of its business strategy.

The year 2007 will also mark RAK Properties' foray into international and emerging markets and establish itself as a global real estate player.