{"id":53323,"date":"2017-04-30T23:11:18","date_gmt":"2017-04-30T16:11:18","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=53323"},"modified":"2017-04-30T21:19:11","modified_gmt":"2017-04-30T14:19:11","slug":"rak-properties-profit-61-higher-in-first-quarter","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/rak-properties-profit-61-higher-in-first-quarter\/","title":{"rendered":"RAK Properties profit 61% higher in first quarter"},"content":{"rendered":"


\nProfit 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 despite the UAE’s slowing property market.RAK Properties, the emirate’s biggest property developer, said that revenues at the company increased 61 per cent to Dh115.5m from Dh71.6m in the first quarter of 2016.
\nA 72 per cent increase in property sales revenues was the key reason for the hike.RAK Properties recorded Dh102m from property sales in the first quarter of 2017, up from Dh59.2m during the same period a year earlier as the company continued to hand over 124 Flamingo Villas at the developer’s vast Mina Al Arab complex in Ras Al Khaimah.However, the company said that rental income fell 5 per cent to Dh5.7m from Dh6m a year earlier.
\nAt the Cityscape Abu Dhabi property exhibition last month, Mohammed Al Qadi, the chief executive of RAK Properties, said that sales prices in Mina Al Arab had fallen 15 to 20 per cent since oil prices started to decline two years ago, but added that the cost of construction had also fallen.Mr Al Qadi said that rents had not fallen at its developments in RAK.The company is currently in the process of building two new hotels, the 305-room Anantara and the 350-room InterContinental at its 43-million-square foot Mina Al Arab complex, as well as a 24-storey residential tower on Abu Dhabi’s Reem Island.
\nlbarnard@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…RAK Properties profit 61% higher in first quarter<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Profit at RAK Properties more than doubled in the first three months of 2017 compared...<\/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-53323","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-dS3","jetpack-related-posts":[{"id":53325,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/rak-properties-profit-61-higher-in-the-first-quarter\/","url_meta":{"origin":53323,"position":0},"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":53323,"position":1},"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":43835,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/rak-properties-profits-from-mina-al-arab-handovers\/","url_meta":{"origin":53323,"position":2},"title":"RAK Properties profits from Mina Al Arab handovers","date":"February 12, 2017","format":false,"excerpt":"\r RAK 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\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":53323,"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":53323,"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":53323,"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\/53323"}],"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=53323"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/53323\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=53323"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=53323"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=53323"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}