Rak Properties Posts a Net Profit of Dh114 Million in 2020
RAK Properties PJSC have announced their financial results for the fiscal year 2020. The property developers posted a net profit of AED 114 million in 2020, compared to AED 93 million in 2019.The company reported an increase in its total assets from AED 5.6 billion announced by the end of 2019 to AED 5.8 billion in 2020.
Commenting on the outstanding financial results, Mohammed Sultan Al Qadi, Managing Director of RAK Properties, said: “RAK Properties performance in 2020 reflects our ability to deal with challenges during these exceptional pandemic circumstances which casted a shadow over all sectors and affected them directly and indirectly. Al Qadi added that despite the challenges, RAK Properties announced initiatives which aligns with the government’s efforts to support all the investors and stakeholders in the long term.
As a result, Mina Al Arab community continued to lure in investors and end users who looked for a safe heaven, highest safety and security measures were in place in response to the guidelines put forward by the concerned authorities.
During the period RAK Properties announced the handover of Gateway Residence and commenced the sales of “Al Marsa Plots” a residential waterfront plots located in Ras Al Khaimah. The company also reported construction progress at its beachfront development Marbella Villas and at its prestigious Intercontinental Mina Al Arab Hotel and Resort, and Anantara Mina Al Arab Hotel & Resort. The development progress distinctly illustrates that RAK Properties is indeed transient through a steep investment phase.
It is worth noting that RAK Properties and Federal Electricity and Water Authority are in discussion to connect FEWA Power, this arrangement shall further encourage investors and customers to invest in Mina Al Arab as the utilities charge is expected to drop from current level.
RAK Properties is a Public Joint Stock Company (PJSC) formed in 2005 with the support of the Government of Ras Al Khaimah (RAK).
Founded in line with the vision of His Highness Sheikh Saud Bin Saqr Al Qasimi, Ruler of Ras Al Khaimah, RAK Properties aims at supporting and promoting the economic growth of Ras Al Khaimah as well as assisting the emirate’s community development initiatives. RAK Properties will also maximize shareholders’ value through its development projects in the coastal and inland areas of Ras Al Khaimah.