Abu Dhabi – Mubasher: RAK Properties has a long-term plan to launch projects worth AED 5 billion until 2021, according to a press release.
The company already started this year with expected launches and further property handovers.
Last year marked a number of achievements for RAK Properties, including the announcement of further developments within Mina Al Arab.
The company handed over the second phase of Flamingo Villas two months ahead of schedule in October.
Enabling works at the Anantara Mina Al Arab at Ras Al Khaimah saw progress in 2016, as well as the enabling works contract for the InterContinental Ras Al Khaimah Mina Al Arab Resort have also been awarded.
The two properties are expected to generate sustainable and recurring income on a long-term basis.
The real estate developer is expected to unveil additional residential, hospitality, and retail projects. Work on the projects will be timed upon the property market outlook, demand and supply parameters, and funding options.
The company generated profits of AED 174.81 million in 2016, up 9.2% from AED 160.1 million in 2015.
The company’s stock fell 1.32% to AED 0.75 by 1:20pm UAE time, generating AED 3.81 million from the exchange of 5.08 million shares.
