Ras Al Khaimah's RAK Properties, a leading real estate developer, has reported net profits worth Dh52 million ($139.35 million) during the first half (H1) of the year, marking a slight increase from the Dh51 million posted in H1 2013.

The leading property developer also revealed gaining revenues amounting to Dh 149 million with total sales value in excess of Dh 234 million for the first 6 months of this year. To date, RAK Properties’ current total assets are valued at Dh4.6 billion.

The results were announced at the company’s recent meeting, presided over by Mohammed Hasan Omran, chairman.

According to the report, the company’s continuous growth can be attributed to the increasing investor confidence in Ras Al Khaimah’s potential as a business and residential haven.

The first half of 2014 saw the commencement of construction works for the company’s hugely successful Flamingo Villas project in the Mina Al Arab area, comprising of 124 villas. On the back of strong demand for waterfront property, the company also launched the Bermuda Villas project, a new beachfront community consisting of 157 villas and townhomes ranging from two to six bedrooms. The company also disbursed five per cent dividends amounting to Dh 100 million for the year 2013.

Mohammed Sultan Al Qadi, managing director and CEO, RAK Properties, said: “We are pleased with the company’s strong performance for the first half of the year—which is a clear indication of RAK Properties’ continuous growth and the increasing confidence in Ras Al Khaimah as a strategic place to build your business and your home.

“We have also been carefully studying the country’s real estate market conditions, which prompted us to study launching new projects, which includes more residential developments and hospitality leisure projects. We are upbeat that the remaining half of 2014 will be very fruitful for us.”

RAK Properties is one of the largest real-estate developers in the GCC and is currently engaged in a massive expansion phase. The company has developed a large and strong clientele, thereby enhancing its standing by bringing in top international brands to its projects, a company statement said. – TradeArabia News Service