RAK Properties to build new Abu Dhabi residential project on Reem Island and hotel at it's Mina Al Arab project in RAK
Posted on 9th February 2015
RAK Properties, the development company owned by the Ras Al Khaimah government, has announced that it is set to build a new residential project on Reem Island in Abu Dhabi containing 266 apartments.
The company also said it is planning a new hotel at its flagship Mina Al Arab project within its own Emirate, which will be aimed at providing a "specialist hospitality segment" close to nature, according to news reports in Construction Week Online.com.
The company revealed its plan in a report accompanying its 2014 accounts, which showed a 3.4% increase in profits to US$42.4 million (AED 156 million), compared to US$ 41.1 million (AED 151 million) a year earlier. This was despite a 7.6% drop in revenues to US$ 81.1 million (US$ 298 million).
In terms of existing projects, the company said that it started both the Bermuda Villas and Flamingo II projects at Mina Al Arab within the past year.
Villas at the Flamingo project have already sold out, save for a number of properties held back for rent, while RAK Properties said sales at Bermuda Villas were progressing "as expected". Work started on the latter project in November and is due to complete in 2016.
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