RAK Properties announces profit of Dh181m

Dubai: RAK Properties has announced a net profit of Dh181.49 million in the third quarter.

Total equity at the end of September was Dh3.15 billion, an increase of Dh77 million compared with the same time last year.

RAK Properties is expected to hand over around 94 villas in the first stage of its flagship development, the Dh10 billion Mina Al Arab in this quarter of 2009.

Phased completion means that units will be delivered annually until the final completion date of 2013. Harbour works and sea walling have been completed on the 44 million square foot development.

Five-star hotels

There will be 5,500 units including apartments, townhouses and villas and eight five-star hotels, including the InterContinental and Hilton.

RAK Properties has a 2009 project budget of Dh1.2 billion, with a total project value of Dh11 billion, Barclay Saastad, director of investment and business development at RAK Properties said at Cityscape Dubai.

Other projects include the Julfar twin towers, to be completed in the first quarter of 2010 and RAK Tower which is sold out, said Saastad.

Meanwhile, the mountain resort, Masafi Development and the waterfront project of Fisherman's Quay are in the pipeline.

RAK Properties has around 135 million square feet of land in their landbank, illustrating how bullish the company is about the emirate, Saastad added.

Ras Al Khaimah offers around 65 kilometres of natural coastline with 50 kilometres to be added when the new islands are completed, said Khater Maasaad, executive chairman of Rakeen.