RAK Properties records $43.5 million profit, 2015

Ras Al Khaimah's property developer RAK Properties, recently reported that it had grown its revenues by 23.5% in 2015.

The company also signed a hotel operating agreement in 2015 with Minor Hotel Group to operate Anantara Mina Al Arab Ras Al Khaimah resort.

RAK Properties CEO and managing director Mohammed Al Qadi said: "2015 results reflect the increased level of investments being made in Ras Al Khaimah as it continues to attract regional and international investors to take advantage of its many investment opportunities.”

“We look forward to continuing our strategic approach in promoting our position as a major contributor to the local real estate sector and be a key player in positioning Ras Al Khaimah as a promising investment destination," added Al Qadi.

RAK Properties posted a 2.8% increase in net profit to US$43.5 million (AED160 million) last year, topping 2014's US$42.4 million (AED155.7 million).

RAK Properties is currently implementing an ambitious expansion plan to extend its portfolio of large-scale projects including various residential and hospitality expansions.