Ras Al Khaimah Real Estate Company recorded an increase in profits to reach 197.9 million dirhams during the third quarter of this year, compared to 40.97 million dirhams in the third quarter of 2020, which indicates the company's successful strategy.
According to the Emirates News Agency, the revenues of the real estate company listed on the Abu Dhabi Stock Exchange increased to 424.37 million dirhams in the third quarter of 2021, compared to 177.54 million dirhams in the period The same year in 2020, while the total comprehensive income rose to 184.33 million dirhams, compared to 27.15 million dirhams in the third quarter of last year.
The value of assets increased to 6.18 billion dirhams, compared to 5.8 billion dirhams in the same period last year, as a result of increased investments in the development of hotel and residential projects.< /p>
His Excellency Abdul Aziz Abdullah Al Zaabi, Chairman of the Board of Directors of Ras Al Khaimah Real Estate Company, said: Ras Al Khaimah Real Estate Company continues to achieve strong results in light of the continued great activity in the economic, investment and real estate sectors. and government facilities and incentives in order to enhance the competitive investment environment in the country.
Ras Al Khaimah Real Estate Company continues construction on its five-star hotel projects, with the InterContinental Mina Al Arab Hotel & Resort expected to start operating during the last quarter of 2021. The Anantara Mina Al Arab Hotel & Resort is also expected to open during 2022, which will, in turn, contribute to improving the company's revenues for subsequent years through periodic revenues generated from the assets of the hospitality sector.
The company is also currently working on accelerating work on the final stages of the Marbella Villas project on Hayat Island in Mina Al Arab, which includes 205 villas and townhouses. There is a Julphar Residence project on Al Reem Island in Abu Dhabi is currently under construction, and includes 266 apartments, and it is expected to start handing over during the current year.
Ras Al Khaimah Real Estate Company recently revealed a set of future projects that will be added to its portfolio, including the Bay Residence project in Hayat Island in Mina Al Arab, which contains 4 buildings and has a number of The units contain 648 apartments, and the Gateway Residence 2, a residential tower located within the Mina Al Arab project, and due to the high demand for Marbella Villas project, 79 villas will be launched.
The company also announced the re-planning of Al Hayat Island, which resulted in an increase of 13 projects in order to achieve more profits, and at the same time constitute an added value for the future of tourism and economic activity in the Emirate.
