RAK Properties Reports Higher Profit

RAK Properties Reports Higher Profit 
- During the first quarter of 2021, RAK Properties reported that its profits have increased by 433 %.
- Company has recorded a profit total of AED 64.14 million, compared to AED 12.04 million for the same period in 2020. 
- Reflects the success of RAK Properties.

Aim
1. Overcoming the challenges.
2. Transforming them into opportunities.
3. Benefit both investors and shareholders.

The Company 
- Recorded a rise in the value of assets by 2.9 % 
- AED 5.97 billion reached compared to AED 5.8 billion in the first quarter of 2020
- Result of increased investments in the development of hotel and residential projects in various locations across Ras Al Khaimah and Abu Dhabi. 

Revenue Growth
1. Compared to AED 36.14 million in the first quarter of 2020, grew by 244 % to reach AED 124.3 million in the first quarter of 2021.
2. Company is keen to continue providing residential destinations that give residents a comfortable, safe, and modern lifestyle. 
3. RAK Properties will continue to develop commercial units that benefit from the growth of commercial and tourism traffic in the emirate.
4. Explore investment opportunities to attract new segments of investors.

Projects
- Marbella Villas in Mina Al Arab, which includes 205 villas and townhouses.
- Julphar Residence on Al Reem Island in Abu Dhabi, which includes 266 apartments. 

Future Projects 
- The Bay Residence on Hayat Island in Mina Al Arab and the Gateway Residence 2, which is a residential tower, situated on Hayat Island.
The Two developments will add significant value to the company’s revenue process are: 
1. The Intercontinental Resort and Hotel in Mina Al Arab will start operating activities during the last quarter of 2021.
2. Operational activities of the Anantara Mina Hotel and Resort will be expected to commence in 2022.