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RAK Properties Q2 profit falls 27%

RAK Properties has reported a 27% decline in the second quarter to Dhs53.6m ($14.9m) from Dhs73.3m recorded a year earlier, as the price of properties across the UAE slipped further and many projects in the Northern Emirates remained on hold, The National has reported. The company said it expects a rise in revenue in the final two quarters of the year, as it delivers more of the units in the Mina al Arab project, as well as the RAK Tower on Reem Island in Abu Dhabi, and Julfar Towers in Ras al Khaimah.