(MENAFN- Khaleej Times) RAK Properties, Ras Al Khaimah's biggest property developer listed on Abu Dhabi Stock Exchange, has earned a net profit of Dh40.1 million in the first quarter of 2013.
The net profit amounts to 27.29 per cent of the total 2012 profit.
Mohamed Sultan Al Qadi, managing director and chief executive officer of RAK Properties, said: "We expect further growth in our operations for the rest of the year, driven by the overall positive sentiment in the real estate sector in the Ras Al Khaimah and the UAE in general. The coming period is very promising as units in Mina Al Arab, Julphar Towers and RAK Tower in Abu Dhabi have shown accelerated demand as well as there is an increase in the number of retail outlets booking spaces in our projects."
RAK Properties has added a new line to the overall revenue model by developing retail complexes. As a result, leading retail names like 'Choithram', 'Fitness First' and 'Costa Coffee' have launched operations. The company is expecting more retail launches in the coming period. RAK Properties is supporting Ras Al Khaimah Government plans to contribute to the development of the real estate and tourism sector in the emirate.
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