RAK Properties to enter international market

“In our endeavour to maintain our role as the premier real estate company in Ras Al Khaimah and to spearhead the economic progress of the emirate, RAK Properties will launch several projects, both in the UAE and internationally, in 2008,” Chairman Mohammed Hasan Omran said.

He said the developer will continue to focus on large-scale developments with emphasis on the progress of the emirate.

The company held its Annual General Meeting (AGM) yesterday and approved distribution of 7.5 per cent dividend for the financial year 2007.

The company had earlier announced a net profit of Dh496 million for 2007.

The profit, earned during the second year of operation, represents 24.81 per cent of the capital and corresponds to earnings per share (EPS) of 25 fils.

Omran said: “Although the company has recorded substantial sales up to December 31, 2007, revenue recognition has been postponed until such time costs can be reasonably attributed to individual units and ownership has been transferred to buyers. As a result, the profit and loss account does not show the revenue from sales.”

RAK Properties’ investment portfolio includes Dh10 billion mixed-used waterfront resort Mina Al Arab, Dh500 million commercial and residential Julfar Towers in Abu Dhabi and Dh300m RAK Tower.

Mohammed Sultan Al Qadi, Managing Director and CEO of RAK Properties, said: “The potential for real estate in the UAE looks good and the global investor community has expressed strong confidence in Ras Al Khaimah’s credentials. RAK Properties has the ideal setting to capitalise on its achievements and take real state investment to a new high.”