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FINANCIAL NEWS
UAE- RAK Properties reports USD10.9m profit in Q1
01 May 2013
(MENAFN) RAK Properties’ Managing Director & CEO, Mohamed Sultan Al Qadi, announced that the company’s first-quarter net profit reached USD10.91 million, reported Emirates 24/7.
Al Qadi added that the company, the biggest property developer in the emirate of Ras Al Khaimah, is projected to post a further growth during the current year, boosted by strong real estate market in the emirate and in the UAE.
The firm, which is listed on Abu Dhabi Stock Exchange, is witnessing higher demand for its units in Mina Al Arab, Julphar Towers and RAK Tower in Abu Dhabi.
Furthermore, RAK Properties’ projects are recording continuing booking from retail outlets, according to Al Qadi.
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