Ras Al Khaimah's largest property developer, RAK Properties PJSC, recently announced record net profits of Dh376.6 million for the nine-month period ending September 30, 2006.
The amount represents some 18.8 per cent of the company's capital of Dh2 billion, according to Khaleej Times.
"RAK properties has managed yet again to prove its commitment to its shareholders, aligned with the Crown Prince and Deputy Ruler of Ras Al Khaimah Shaikh Saud bin Saqr Al Qasimi's vision," said Mohammad Sultan Al Qadi, Managing Director of RAK Properties.
RAK’s assets stand at Dh2.531 billion for the same nine-month period, as its projects met business targets, sustained growth and increased shareholder value.
The firm launched its first project, a Dh500 million, 43-storey twin office and residential ‘Julfar Towers’ at in February 2006, followed by the Dh10 billion Mina Al Arab in May.
