By: Amr Adel
Abu Dhabi – Mubasher: RAK Properties plans to issue sukuk in 2018, aiming to expand and diversify the long-term finance sources to keep its business growing, CEO Mohamad Sultan Al Qadi told Mubasher.
The largest real estate developing company in Ras Al Khaimah has AED 5 billion worth project portfolio in the fields of hospitality and retail for the coming four years, including projects that are worth AED 1.5 billion to AED 1.7 billion in 2017, the CEO told Mubasher on the sidelines of Cityscape Abu Dhabi 2017.
He noted that RAK Properties is currently executing AED 4.9 billion worth projects in Ras Al Khaimah and Abu Dhabi, with future plans to enter the market in Dubai.
Financing the current projects is divided as 30% from the company’s available liquidity and 70% from banks, the CEO said.
With investments reaching AED 1.2 billion, RAK Properties has a plan to establish two hotels in the emirate of Ras Al Khaimah by the first quarter of 2019, Al Qadi said, noting that the hotels are ‘Anantara Resort’ and ‘InterContinental Resort’ in Mina Al Arab Ras Al Khaimah Resort.
The CEO said that RAK Properties plans to be awarded a 166-room hotel building in Mina Al Arab.
In Abu Dhabi, the company considers establishing a residential tower in Al Reem Island, with a total cost of AED 170 million.
Commenting on the profits expected in 2017, the CEO told Mubasher that RAK Properties is forecast to achieve better results than in fiscal year 2016.
