Revenues from the real estate firm that is listed on the Abu Dhabi Stock Exchange went up by 121 percent.
RAK Properties, one of the leading property development and tourism infrastructure companies in UAE, has announced its financial results for the first half of 2021.
The company continued its strong performance in the first half of this year, its profits increased by 348 percent, reaching USD 32 million, compared to USD 7.2 million in the first half of 2020. These results reflect RAK Properties' successful strategy in overcoming the COVID-19 pandemic challenges.
Revenues from the real estate firm that is listed on the Abu Dhabi Stock Exchange went up by 121 percent and reached USD 72 million, compared to USD 32 million in the same period in 2020.
The total income rose to USD 29 million compared to USD 3.1 million in the first half of 2020.
Revenues from development projects stood at USD 35 million, though this information will be disclosed during the coming period according to the percentage of completion in the projects under construction.
Abdulaziz Abdullah Al Zaabi, Chairman of the Board of Directors of RAK Properties, commented on the reporting of revenues, 'We are pleased with these results, that prove once again the strength of the real estate market in UAE and the available investment opportunities that overcome all challenges, and thanks to the wise leadership's decisions and directives regarding facilities and incentives aimed at enhancing the competitiveness of the country and providing an attractive investment environment. The real estate market is on the verge of more exceptional performances during the coming period, with more projects to be delivered soon.'
In its statement, RAK Properties also announced two future projects that will be added to its portfolio: the Bay Residence project on Hayat Island in Mina Al Arab and Gateway Residence 2, a residential tower on Raha Island, which is located within the Mina Al Arab project.