Ras Al Khaimah / Emirates Business
RAK Properties PJSC, Ras Al Khaimah’s largest property developer listed on the Abu Dhabi Stock Exchange, authorized the distribution of five per cent as cash dividend during its Annual General Meeting held at the Marjan Double Tree by Hilton in Ras Al Khaimah.
The Annual General Meeting reviewed and approved the company’s activities and its financial position as reported by the Auditor for the year ending December 31, 2016. After discussing and approving the corporate Balance Sheet statements, the AGM approved the recommendation for dividend distribution and appointed the auditors for the current financial year.
Mohammed Al Qadi, Managing Director and CEO, RAK Properties, said: “Through the hard work of our partners and the unwavering support of our stakeholders, we emerged from 2016 reporting positive end-of-year results. The company achieved revenues in excess of AED 390 million in 2016 – a year-on-year increase of 5.98 per cent on the AED 368 million accrued in 2015. We also posted a consolidated net profit of AED 175 million, providing us with balanced financial leverage to march forward with our ongoing developments while strategically positioning us to pursue new vistas of growth.”
Earlier in the year, RAK Properties revealed details of the newest development within Mina Al Arab with an investment of AED 5 billion. The 811,420m2 island, set to be the new social and entertainment hub of Ras Al Khaimah. The company also commenced the construction on the two planned resorts, with recent enabling work contracts signed for 306-key Anantara Mina Al Arab, Ras Al Khaimah, and 350-key InterContinental Ras Al Khaimah Mina Al Arab Resort.
Signifying their respective hotel group’s entrance into the emirate, these announcements will stimulate further growth and interest in the Mina Al Arab master development and will generate sustainable and recurring income on a long-term basis for RAK Properties.