Ras Al-Khaimah Projects Near Completion in 2010

Published: 28/01/2010

This year will be bright for 'RAK Properties' with a value of $272.3million worth of projects approaching the completion and handover stages. This news comes from the developer’s chief executive Mohammed Sultan al Qadi. Unfortunately, it endured a 45% drop in net profits over the first 3 quarters of 09, and rents in this northern emirate fell by 17% during the year, however, the company is sure that this year will be financially better with the delivery of the above-mentioned projects. The first half of the year will see Julfar Towers (as shown in the photo) in Ras Al-Khaimah - $136.1million worth – being handed over to customers, and the same for its $81.6million RAK Tower project on Al Reem Island in Abu Dhabi. Furthermore, a phase of the Mina Al Arab project will be handed over in Q2. Still in the developer’s planning pipeline are 2 five-star hotels in Ras Al-Khaimah, construction of the first of these begins soon, and that of the second will commence in 6 months time. The developer is experiencing increased demand, with many more enquiries about their units.