RAK Properties has released its financial figures for the first half of 2011 during a meeting of its board held at its head office in Ras Khaimah. The board members took stock of financial condition of the company in addition to prevailing uncertainties in the financial market.

Mohamed Sultan, MD & CEO of RAK Properties informed that the firm posted a net profit of Dhs68.66m in the first half of 2011 which, he termed, more than satisfactory. The company met its commitment by the timely handover of Julphar Towers in Ras Al Khaimah, RAK Tower in Reem Island in Abu Dhabi and Precinct Five of Mina Al Arab in Ras Al Khaimah.

He hoped that remaining projects would be handed over at scheduled time frame, boosting the investor’s confidence in the company.

Al Qadi went on to say, "With the handover of these three projects, we are bringing to the table of our stakeholders an added value as far as their investments in our residential and business units are concerned. We are firmly committed to further drive up this value based on our belief of maintaining world class quality levels in the series of projects we are delivering. This will solidify our premier position in Ras Al Khaimah and the entire UAE."