Huge profits in record time for RAK properties:

RAK properties, a leading property company of Ras Al Khaimah has received huge profits in last financial year ended December 31st, 2006. Seeing this, the board of directors from RAK properties has recommended a 7.5 percent dividend to shareholders. This decision was unanimously affirmed by the Board as this real estate giant amassed Dh473.897 million in profits for its very first financial year end.
Mohammed Sultan Al Qadi, managing director of RAK properties expressed his confidence in the company speaking of the record growth in profits in 19months. He confided on his capability to deliver on promises and achieve goals laid down by the crown prince and deputy ruler of Ras Al Khaimah his highness Sheikh Saud Bin Saqr Al Qasimi. He also added that in short time his company has positioned itself as a perfect destination for investors of the real estate community.
Julfar Towers, a twin 43-storey office and residential project was launched by the company in February 2006 at a cost of AED500 million. This project was followed by Mina Al Arab in May 2006 having a spread of 35million sq. feet area and a cost of AED10 billion.
As a part of its business strategy, RAK properties have signed partnership agreements with various financial institutions and property developers. Further, RAK properties plan to march to international arena in 2007 to establish its roots in the real estate market there.