RAK Properties AGM okays 5% dividend

RAK Properties Annual General Meeting (AGM) has approved five per cent cash dividend amounting to Dh100 million for the 2013 financial year.

The AGM also approved transferring Dh1 billion of retained earnings to statutory and regular reserves respectively.

During the AGM, the company announced net profit of Dh151 million for fiscal year 2013 compared to Dh147 million posted in 2012. RAK Properties also announced the addition of more villa units for its flagship development project, Flamingo Villas.

Reporting on its completed projects for 2013, the company was able to hand over 192 residential units — which include villas, townhouses, apartments and commercial offices in Mina Al Arab and Julphar Tower in Ras Al Khaimah and the RAK Tower in Reem Island in Abu Dhabi.

Mohammad Sultan Al Qadi, Managing Director and CEO, RAK Properties, said: “2013 was a very fruitful year for the company, which witnessed increased net profits of Dh151 million. Last year also saw the successful completion and eventual turn-over of several projects in RAK and Abu Dhabi.

"Another highlight is the overwhelming response that we received for our Flamingo Villas project at Cityscape Global 2013, which has prompted us to add more villas and offer them for sale starting this weekend (March 15, 2014). Industry reports have shown that 2014 will be an even stronger year for the real estate segment—giving us more confidence to leverage our diverse portfolio of property offerings, thereby consolidating our leading position across the country’s rapidly developing real estate industry.”

RAK Properties' new Flamingo villas on sale

RAK Properties, Ras Al Khaimah's (RAK) biggest property developer listed on the Abu Dhabi Stock Exchange, has announced the addition of new villas for its flagship development project, Flamingo Villas.

According to the company’s senior executives, the continued confidence in RAK’s further growth and development as a premier investment and tourist haven combined with the overwhelming response generated by the announcement of the Flamingo Villas project at last year’s Cityscape Global 2013 has prompted the company to expand the number of its villas.
Sales of the new villas will start this weekend (March 15, 2014) at the RAK Properties Sales Office in Mina Al Arab Lagoon, RAK.

The Flamingo Villas project is a series of villas overlooking the Arabian Gulf. Each unit will present owners with a spectacular sea view of the RAK coastline along with a wide range of amenities like separate swimming pools for adults and children, play area with different play equipment, a multipurpose court and landscaped areas.

The project falls in line with the high standard of living in Mina Al Arab and clearly reflects the RAK Properties motto of ‘Living closer to nature.’

Rashed Al Khatri, Director Of Marketing & Sales, RAK Properties, said, “Investor confidence continues to ride high for Ras Al Khaimah, with many businesses and investment opportunities coming to set up shop here.

“This upbeat atmosphere has helped generate strong response for our Flamingo Villas project, prompting us to add more villas to address the demand of those wanting to buy into the development.

“The demand for more units can be attributed to the project’s value additions and the presence of wider areas and majestic views of the seafront. The sales of these new villas will start this Saturday.

“We are confident that this move will further consolidate RAK Properties’ leading position in the country’s real estate development segment.”

RAK Properties is one of the largest real-estate developers in the GCC and is currently engaged in a massive expansion phase.

The company has developed a large and strong clientele, and enhancing its standing by bringing in top international brands to its projects.

Follow Emirates 24|7 on Google News.