RAK Properties approves dividend

Ras Al Khaimah: The annual general meeting (AGM) of RAK Properties PJSC held on Saturday approved the distribution of a 7.5 per cent dividend for financial year 2007.

The company earlier announced the closing of its second financial year ended December 31, 2007 with a net profit of Dh496 million.

The profit, earned during the second year of operation, represents 24.81 per cent of the company's capital and corresponds to earnings per share (EPS) of Dh0.25.

The chairman of the Board of Directors of RAK Properties, in his report to the AGM, said the company has successfully taken on the mantle of leading the real estate development in Ras Al Khaimah and thereby contributed substantially to the econ-omic growth of the emirate.

"Although the company has recorded substantial sales up to December 31, 2007, revenue recognition has been postponed until costs can be reasonably attributed to individual units and beneficial ownership has been transferred to buyers. As a result the profit and loss account does not show the revenue from sales," the chairman said.

Also on the meeting's agenda were approvals of the auditors' report and the balance sheet, profit and loss statement for 2007 and appointment of auditors for 2008.

Focus

Reiterating the company's commitment to meeting the expectations of its shareholders, the chairman told the meeting that RAK Properties will continue to focus on large-scale developments with special emphasis on the development of the emirate.

"In its endeavours to maintain its role as the premier real estate company in Ras Al Khaimah and to spearhead the economic progress of the emirate, RAK Properties will launch several new projects, both national and international, in 2008," the chairman said in his concluding remarks.

RAK Properties' investment portfolio includes several residential, commercial and leisure facilities.

The company's Julfar Towers, launched in 2006, is a business and residential project of Dh500 million, with two towers rising to 43 floors.

Mina Al Arab is a mixed-use waterfront resort community that will epitomise the 'Living Closer to Nature' motto of RAK Properties.

Spread over 30 million square feet and with costs estimated at Dh10 billion, the project was announced in 2006. RAK Tower, an Dh300 million project launched in 2007, is a residential tower in Abu Dhabi comprising 43 floors.

"The real estate potential in the UAE looks tremendous and global investors have expressed strong confidence, especially in Ras Al Khaimah's credentials and prospects. RAK Properties now has the ideal setting to capitalise on its achievements and take real state investment in Ras Al Khaimah to new highs," said Mohammad Sultan Al Qadi, managing director and CEO of RAK Properties.