RAK Properties nets Dhs225m in the first half of the year

The record profit indicates earnings per share (EPS) of Dhs0.113.

The company sold residential and commercial units worth Dhs1106 million in the first half of 2008, which is 115.60% over the same period in 2007.

The sale volume is increasing exponentially and the company is currently looking at expanding into regional and international markets. The sales performance continues to be a solid proof that the market has accepted RAK Properties as their preferred developer.

Mohammed Sultan Al Qadi, Managing Director & CEO of RAK Properties expressed happiness over the consistently strong performance of the company and said that it further validates the growth strategy of RAK Properties.

'Since its inception RAK Properties has adopted a studied approach and steadily built an impressive portfolio. As the most prominent developer in Ras Al Khaimah our continuing growth will contribute substantially to realising the vision of His Highness Sheikh Saud Bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah, to promote Ras Al Khaimah into the region's leading destination for tourism and investment.'

The RAK Properties portfolio boasts diverse residential, commercial and leisure facilities. Its developments in Ras Al Khaimah include Julfar Towers, a Dhs500m twin-tower, and Mina Al Arab, a Dhs10bn mixed-use waterfront resort community.

RAK Properties is also developing RAK Tower, an Dhs300m project, in Abu Dhabi.

RAK Properties has other projects with a specific focus in the Abu Dhabi real estate, which will be launched at appropriate time.