GulfBase Live Support
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.
RAK Properties said its board approved increasing the cash dividend to 6 per cent of the nominal value of share (6 fils per share), up from the recently recommended 5 per cent.
“The year 2
Reasonable price, accessibility, luxurious amenities and other incentives are driving the real estate market in Ras Al Khaimah. Investors and real estate businesses are heading north, quick to sense
Comprising one-, two-, and three-bedroom apartments, as well as duplex units, the tower will be surrounded by amenities such as restaurants, shopping options, parks, walkways, and gardens.
Construction Week Online
Bank Nizwa, represented by two of its Board Members, Sami Al Dhugishi and Ishaq Al Maouli along with Chief Executive Officer, Khalid Al Kayed, participated in the 2nd Islamic Financial Services Board
Times of Oman
The sharp decline of the Turkish lira in recent weeks has triggered speculation in banking circles that Emirates NBD stands a chance to renegotiate its deal to acquire Denizbank as the valuation has
Abu Dhabi-listed Eshraq Properties reported a first-half net profit of Dh14.8 million, compared to a loss of Dh0.32 million in the first half of 2017. The property firm said in a press statement that
Damac Properties has signed a landmark agreement with Radisson Hotel Group (RHG) to develop and launch the ‘Radisson Hotel, Dubai Damac Hills’, its first, newly launched Radisson-branded property wor
The Gulf Today
Abu Dhabi National Oil Company for Distribution (Adnoc Distribution) has reported that net profit for the six months ended June 30, 2018, increased by 18 per cent to Dh1.124 billion ($306 million) co