RAK Properties records net profits of AED 376.6 million for 9-month period ending September 2006

This stands the company's assets at AED2.531 billion for the same period.

The Company's projects met business targets, which ensured sustained growth in the business and increase in shareholder value. RAK Properties has thus firmly established itself as the premier real estate company in the Emirate of Ras Al Khaimah.

"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," said Mohammad Sultan Al Qadi, Managing Director of RAK Properties. "The 9-month results reflect the strength that's indicative of RAK Properties' basics," added Al Qadi.

The company launched its first project, Julfar Towers (a 43-storied twin office and residential project at a cost of AED500 million) in February 2006 followed by Mina Al Arab (spread over 30 million sq. feet at a cost of AED 10 Billion) in May 2006. The presence of such world-class projects allows RAK properties to feel confident about the future of the company and Ras Al Khaimah alike.

"As a company committed to its shareholders, we want to go the extra mile and enhance investor confidence through value-added projects," concluded Al Qadi.