RAK Properties yesterday said it plans to expand into Morocco, Egypt and Sudan this year and to other markets next year driven by “strong and sustained investor interest” in the company’s projects from the local and regional markets.
RAK Properties is showcasing its landmark Julfar Towers, Mina Al Arab and RAK Tower projects at the International Property Show in Dubai. The developer plans to increase its portfolio value to Dh50 billion in just 10 years.
Mohamed Sultan Al Qadi, Managing Director and Chief Executive of RAK Properties, said: “The overwhelming response our projects are gaining from overseas and regional investors is a testament to the trust we have earned from our investors, and reiterates our commitment to enhance value to our stakeholders through high quality projects.
“Based on the success of the projects we have launched so far, we are expanding our operations into other countries starting from Morocco, Egypt and Sudan, where we are looking at developing residential, commercial and hospitality projects. We are also working with our partners to identify growth opportunities that have minimal risk. With a strong expansion plan in place, RAK Properties will also be establishing a presence in other markets and increasing its investment portfolio in the next 10 years to Dh50 billion.”
Julfar Towers, launched in February 2006, is an office-cum-residential project of Dh500 million, with twin 43-storey towers. Mina Al Arab is a mixed-use waterfront resort community spread over 30 million square feet and estimated to cost Dh10 billion. The project was announced in May 2006. The Dh300 million RAK Tower in Abu Dhabi is the company’s first project outside RAK.
RAK Properties recently reported a net profit of Dh496m for its second financial year ended December 31, 2007. The company achieved sales worth Dh1,083m, an increase of 288 per cent over the 2006 figure.
Million has been spent on the construction of Julfar Towers.
The estimated cost of the Mina Al Arab mixed-use waterfront development – covering an area of 30 million square feet.
Expansion in Mena to grow RAK portfolio to Dh50bn