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RAK Properties posts Dhs151m in 2013 net income

RAK Properties, Ras Al Khaimah’s (RAK) biggest property developer, has reported a net profit of Dhs151m for 2013, compared with Dhs147m reported a year earlier, Gulf Today has reported. The developer’s shareholders also approved the distribution of 5% of profits, or up to Dhs100m, and also approved the proposal to transfer Dhs1bn of retained earnings to statutory and regular reserves, respectively.