RAK Properties, the premier real estate developer in Ras Al Khaimah, unveiled at the International Property Show its plans to expand into Morocco, Egypt, and Sudan during 2008, and to other markets later on. The company’s expansion is fuelled 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, the biggest transactional property exhibition in the region, being held at the Dubai International Exhibition Centre (DIEC) from February 17 to 19.
Mohamed Sultan Al Qadi, Managing Director & CEO 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,” he added. “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 ten years to AED50 billion”.
Julfar Towers, launched in February 2006 is an office-cum-residential project of AED500 million, with twin 43- storey towers.
Mina Al Arab is a mixed use, waterfront resort community that will epitomise the ‘Living Closer to Nature’ motto of RAK Properties. Spread over 30 million sq. feet and estimated to cost AED10 billion, the project was announced in May 2006.
The AED300million RAK Tower in Abu Dhabi is the company’s first project outside Ras Al Khaimah.
RAK Properties recently reported a net profit of AED 496 million (US$135 million) for its second financial year ended 31st December 2007. The company also achieved sales worth AED1,083 million, which represents an increase of 288 per cent over the 2006 figure (Although the company recorded substantial sab during the year, revenue recognition has been postponed until property handover).
For more information, please visit RAK Properties at the International Property Show held at the Dubai International Exhibition Centre (DIEC), Hall number 3, stand B11.
RAK Properties, a Public Joint Stock Company listed on the Abu Dhabi Securities Market, is a real estate development company that operates in a sector that is enjoying an economic boom. It is established to implement the emirates plans to promote real estate, tourism and leisure facilities in RAK and invest in interesting projects. It is intended that its activities will encourage economic growth in the UAE in general and Ras Al Khaimah in particular. The company launched its first project, Julfar Towers - a 43-storied twin office and residential project at a cost of AED 500 million - in February 2006 followed by Mina Al Arab - spread over 30 million sq. feet at a cost of AED 10 Billion - in May 2006.
