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Dubai: RAK Properties PJSC, a property developers listed on the Abu Dhabi Stock Exchange, announced net profits of Dh155.7 million in 2014. Revenue in the fourth quarter totalled Dh297.8 million.
RAK Properties’ Board of Directors proposed 5 per cent cash dividend for the year 2014. This proposal will be presented for ratification at the annual general meeting of the company due to be held on March 12. Company assets were valued at Dh4.7 billion.
“2014 has seen an impressive growth in our business portfolio, in conjunction with the allocation of a budget of Dh1 billion to develop and expand the Mina Al Arab development project and the completion of new facilities that include an environmental hotel and a set of residential villas as part of projects that are being implemented during the current year,” said Mohammad Sultan Al Qadi, Managing Director and CEO, RAK Properties.
“The results of the fourth quarter of 2014 also reflect the increased level of investments being made in Ras Al Khaimah as it continues to attract regional and international investors to take advantage of its many potential opportunities. We look forward to continuing our strategic approach in promoting our position as a major contributor to the local real estate sector and help in enhancing Ras Al Khaimah’s position as a promising investment destination,” he added.
Source: Staff Report, gulfnews.com