RAK Properties records sales growth of 229% in Q3 2007

The total sales value recorded is Dhs755m as against Dhs230m in the corresponding period in 2006. This is attributed to the strong and sustained investor interest from the UAE, U.K, Far East, U.S.A and Russia.

The Ras Al Khaimah-based developer also unveiled plans to expand into six countries which include, Georgia, Tanzania, Morocco, India and Egypt and increase its investment portfolio in the next ten years to Dhs50bn

Mohamed Sultan Al Qadi, Managing Director of RAK Properties, said: "We have already secured three sites in Georgia and are looking at developing residential, commercial and hospitality projects. We are also working with our partners to identify growth opportunities that have minimal risk."

"RAK properties has managed yet again to prove its commitment to its shareholders, aligned with His Highness Sheikh Saud Bin Saqr Al Qasimi, the Crown Prince and Deputy Ruler of Ras Al Khaimah's vision," he added.

"The strong financial results are a testament to the trust we have earned from our investors, and reiterates our commitment to enhance value to our stakeholders through high quality projects."

The Company recently launched its Dhs300m RAK Tower in Abu Dhabi - the first project outside the emirate of Ras Al Khaimah which was well received in the market.

RAK Properties launched its first project, the Dhs500m Julfar Towers, a 43-storey twin office and residential project, followed by the Dhs10bn Mina Al Arab.