{"id":43835,"date":"2017-02-12T21:55:02","date_gmt":"2017-02-12T14:55:02","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=43835"},"modified":"2017-02-12T19:02:11","modified_gmt":"2017-02-12T12:02:11","slug":"rak-properties-profits-from-mina-al-arab-handovers","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/rak-properties-profits-from-mina-al-arab-handovers\/","title":{"rendered":"RAK Properties profits from Mina Al Arab handovers"},"content":{"rendered":"


\nRAK Properties, the developer backed by the Ras Al Khaimah government, posted a 9.1 per cent increase in profit last year as the company benefited from handing over properties at its Mina Al Arab development in RAK despite a slowing property market. The Abu Dhabi-listed developer said its profit last year increased to Dh174.8 million from Dh160.1m a year earlier as the company handed over its Flamingo Villas – Phase II project at its main Mina Al Arab mixed-use development. The profit increase came on the back of a 5.9 per cent increase in revenue for the year, which rose to Dh389.5m from Dh367.8m a year earlier. The company said revenue from the sale of properties increased by 14 per cent to Dh337.5m in 2016 from Dh296m a year earlier. However, RAK Properties said that total net property sales for the year to the end of December 2016 fell by 71.1 per cent to Dh78m from Dh270m a year earlier.And rental income over the same period fell slightly to Dh24m from Dh25.5m a year earlier.RAK Properties said that its board of directors had recommended a 5 per cent dividend to shareholders.Mohammed Sultan Al Qadi, RAK Properties’ managing director and chief executive, said the company had approved four new projects for development including a new mall and four apartment blocks in its Mina Al Arab development as well as a residential tower in Abu Dhabi.The company said it had started enabling work for a 306-room Anantara resort hotel at its Mina Al Arab development and had awarded the contract for enabling work for a 350-room InterContinental hotel at the development. It added that 100 serviced apartments at the project would start operation by the end of March.RAK Properties launched Mina Al Arab, a housing complex spread over 43 million square feet, in May 2006 but was forced to put more than Dh1 billion worth of projects on hold as the global financial crisis hit the industry in 2009.The real estate markets in the Northern Emirates slowed at the end of 2015 as Dubai’s property slump and the effect of low oil prices hit sales, according to brokers.According to Asteco, rents for new-build apartments in RAK fell by 2 per cent in the year to the end of September 2016 compared with a year earlier. lbarnard@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…RAK Properties profits from Mina Al Arab handovers<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

RAK Properties, the developer backed by the Ras Al Khaimah government, posted a 9.1 per...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-43835","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-bp1","jetpack-related-posts":[{"id":53323,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/rak-properties-profit-61-higher-in-first-quarter\/","url_meta":{"origin":43835,"position":0},"title":"RAK Properties profit 61% higher in first quarter","date":"April 30, 2017","format":false,"excerpt":"\r Profit at RAK Properties more than doubled in the first three months of 2017 compared with a year earlier as the company benefited from handing over properties at its Mina Al Arab complex.The Abu Dhabi-listed property developer said that profit increased to Dh39.9 million from Dh18.5m a year earlier\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":53325,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/rak-properties-profit-61-higher-in-the-first-quarter\/","url_meta":{"origin":43835,"position":1},"title":"RAK Properties profit 61% higher in the first quarter","date":"April 30, 2017","format":false,"excerpt":"\r Profit at RAK Properties more than doubled in the first three months of 2017 compared with a year earlier as the company benefited from handing over properties at its Mina Al Arab complex.The Abu Dhabi-listed property developer said that profit increased to Dh39.9 million from Dh18.5m a year earlier\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11766,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/rak-properties-income-rises-despite-slow-market\/","url_meta":{"origin":43835,"position":2},"title":"RAK Properties income rises despite slow market","date":"May 2, 2016","format":false,"excerpt":"\r RAK Properties, the developer backed by the Ras Al Khaimah Government, has posted a 25 per cent profit increase for the first quarter despite a slowing property market in the Northern Emirates. The Abu Dhabi-listed group said on Sunday profit for the first three months of the year increased\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4295,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/rak-properties-profit-up-2-7-to-dh160-million-in-2015\/","url_meta":{"origin":43835,"position":3},"title":"RAK Properties profit up 2.7% to Dh160 million in 2015","date":"February 10, 2016","format":false,"excerpt":"\r \r Net profit at RAK Properties, the developer backed by the Ras Al Khaimah government, increased by 2.7 per cent last year.The Abu Dhabi-listed company on Wednesday posted a net profit of Dh160 million for 2015, up from Dh155.7m the previous year as it handed over villas at its\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":33270,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/rak-properties-to-build-homes-in-central-business-district-of-abu-dhabi\/","url_meta":{"origin":43835,"position":4},"title":"RAK Properties to build homes in central business district of Abu Dhabi","date":"November 6, 2016","format":false,"excerpt":"\r RAK Properties, backed by the Ras Al Khaimah Government, has become the second major developer to announce plans to build homes in Abu Dhabi's long-awaited new central business district.On Thursday, RAK Properties announced that it had committed to building 205 apartments in the new Madinat Zayed city development close\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":83969,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/anantara-mina-al-arab-on-target-for-2020-opening-says-rak-properties\/","url_meta":{"origin":43835,"position":5},"title":"Anantara Mina Al Arab on target for 2020 opening, says RAK Properties","date":"March 28, 2018","format":false,"excerpt":"\r Brand View: RAK Properties posted profits of over $52m in 2017\r \r Source : arabianbusiness.com\r Read more...Anantara Mina Al Arab on target for 2020 opening, says RAK Properties","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/43835"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=43835"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/43835\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=43835"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=43835"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=43835"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}