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16/02/2018 06:01 AST
RAK Properties reported on Thursday a 10 per cent increase in its net profit for 2017, reaching Dh192 million from Dh175 million in 2016.
Revenues of the company for 2017 were at Dh313 million. Net operating profit of the Abu Dhabi listed firm increased by 14 per cent to Dh204 million compared to Dh179 million reported for 2016.
The total assets jumped by 3.5 per cent to Dh5.2 billion at the end of 2017 and earnings per share increased to Dh0.10 compared to Dh0.09 reported in 2016.
In a statement, RAK Properties Managing Director and Chief Executive Officer Mohammad Al Qadi, said the double-digit growth in its net profit reflects the success of the company in delivering high-quality lifestyle properties. "A key delivery milestone during the year 2017 was the handover of 157 keys of the Bermuda Villas in Mina Al Arab, Ras Al Khaimah. Bermuda Villas represents a significant addition to the new developments being launched in the emirate.
"We also added North Bay Residences to our residential offerings within Hayat Island, a Dh5 billion investment which is set to be the new social and entertainment hub of Ras Al Khaimah," he said.
In the hospitality sector, two international hotel brands are under construction and expected to be completed in 2019 including a 306-room Anantara Hotel Resort in Mina Al Arab and a 350-room luxury hotel InterContinental Mina Al Arab Resort.
Gulf News
15/08/2025
RAK Properties recorded a revenue of AED774.79 million ($210.97 million) for the H1 period, with net profit soaring by a remarkable 80% to AED160.6 million ($43.73 million), compared to AED89.06 mill
Trade Arabia
04/08/2025
Giorgio Armani, in a landmark partnership with RAK Properties, Ras Al Khaimah's leading community developer, and SIE Group, today (August 3) announced the launch of the first Armani-branded villas in
Trade Arabia
18/06/2025
RAK Properties, a leading UAE property developer, has announced the launch of Solera, a vibrant new apartment community set to define the new downtown rhythm of its flagship waterfront destination, M
Trade Arabia
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27/10/2025
Saudi-based Sumou Real Estate Company has announced the signing of an infrastructure development works contract with Diyar Real Estate Development Company (a key entity which represents a real estate
Trade Arabia
27/10/2025
QNB, the largest financial institution in the Middle East and Africa, is proud to announce that its Policies and Procedures Department within the Operations Control Division has been officially award
The Peninsula
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Qatar Industrial Manufacturing Company (QIMC), a publicly listed firm, reported a 19.3 percent drop in net profit for the first nine months of 2025, totaling QR 92.44 million, down from QR 114.6 mill
The Peninsula
27/10/2025
Almasar Alshamil Education, the Gulf's largest provider of specialized education services, has announced plans to list 30 per cent of its share capital on the Saudi Exchange's Main Market, joining a
Khaleej Times
27/10/2025
Saudi Arabia's flag carrier, Saudia, plans to receive 12 new passenger aircraft and purchase cargo planes by 2026, part of a broader order of 191 aircraft for the airline and Adel Aviation, a senior
Arab News
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