RAK Properties, the emirate’s biggest developer, said on Thursday its second quarter net profit rose 59 per cent thanks to an increase in off-plan sales.
Net profit in the three months to June 30 reached Dh62 million compared with Dh39m in a year-earlier period.Revenue rose 44 per cent to Dh211m from Dh147m in a year-earlier period.
“RAK Properties attributes its outstanding half year results to strong off-plans sales backed by exceptional marketing support,” the developer said. “With proven excellence in a wide range of projects, the leading property developer is expected to announce additional residential, hospitality and retail projects to further its growth this year.”
At the Cityscape Abu Dhabi property exhibition in March, Mohammed Al Qadi, the chief executive of RAK Properties, said sales prices in Mina Al Arab complex had fallen 15 to 20 per cent since oil prices started to decline two years ago, but added that the cost of construction had also fallen.
Mr Al Qadi said rents had not fallen at its developments in RAK.
The Abu Dhabi-listed company is currently in the process of building two new hotels, the 305-room Anantara and the 350-room InterContinental at its 43 million square feet Mina Al Arab complex, as well as a 24-storey residential tower on Abu Dhabi’s Reem Island.
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
Killing of Qassem Suleimani
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
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