RAK Properties was part of the 2002 building boom but was badly hit by the economic downturn in 2008. Above, the company's headquarters at Julphar Towers. Courtesy RAK Properties
RAK Properties was part of the 2002 building boom but was badly hit by the economic downturn in 2008. Above, the company's headquarters at Julphar Towers. Courtesy RAK Properties

Sales jump 97% but profits drop for RAK Properties



Profits at RAK Properties dropped by more than 13 per cent in the first nine months of the year, even though sales almost doubled.

The Ras Al Khaimah-based property developer's profits dropped in the nine months ending September 30, to Dh86.07 million (US$23.4m) from Dh98.99m in the same period a year ago.

Sales, meanwhile, jumped more than 97 per cent to Dh539m from Dh266.57m a year ago as it leased more properties. Bank balances and cash rose to Dh409.1m, compared with Dh307.4m last year.

RAK Properties was part of the 2002 building boom but was badly hit by the economic downturn in 2008.

"The leasing of residential, commercial and retail space has gained momentum during the year and there will be an upwards movement in the leasing activity in the ensuing months," Mohammad Sultan Al Qadi, the RAK Properties managing director and chief executive, said in a report released to the Abu Dhabi Securities Exchange website.

The company also said it made a repayment of Dh73m to the Investment and Development Office.

Shares in the company were little changed on the Abu Dhabi bourse, staying flat at 38 fils.

The flagship project for RAK Properties is Mina Al Arab, a US$3.27 billion beachfront resort on Ras Al Khaimah that includes several islands.

It is also the developer of Julfar Twin Towers on that site, which consists of one residential and one commercial building.

The company is also the developer of RAK Towers in Abu Dhabi.

Going forward, analysts said the future was not so clear.

"When the crash happened, Ras Al Khaimah was up and coming," said Helen Tatham, the head of residential properties at Knight Frank. "It was hit hard by the bust. Prices have stabilised but there is no sign of prices rising."

The Mandalorian season 3 episode 1

Director: Rick Famuyiwa

Stars: Pedro Pascal and Katee Sackhoff

Rating: 4/5 

KEY DATES IN AMAZON'S HISTORY

July 5, 1994: Jeff Bezos founds Cadabra Inc, which would later be renamed to Amazon.com, because his lawyer misheard the name as 'cadaver'. In its earliest days, the bookstore operated out of a rented garage in Bellevue, Washington

July 16, 1995: Amazon formally opens as an online bookseller. Fluid Concepts and Creative Analogies: Computer Models of the Fundamental Mechanisms of Thought becomes the first item sold on Amazon

1997: Amazon goes public at $18 a share, which has grown about 1,000 per cent at present. Its highest closing price was $197.85 on June 27, 2024

1998: Amazon acquires IMDb, its first major acquisition. It also starts selling CDs and DVDs

2000: Amazon Marketplace opens, allowing people to sell items on the website

2002: Amazon forms what would become Amazon Web Services, opening the Amazon.com platform to all developers. The cloud unit would follow in 2006

2003: Amazon turns in an annual profit of $75 million, the first time it ended a year in the black

2005: Amazon Prime is introduced, its first-ever subscription service that offered US customers free two-day shipping for $79 a year

2006: Amazon Unbox is unveiled, the company's video service that would later morph into Amazon Instant Video and, ultimately, Amazon Video

2007: Amazon's first hardware product, the Kindle e-reader, is introduced; the Fire TV and Fire Phone would come in 2014. Grocery service Amazon Fresh is also started

2009: Amazon introduces Amazon Basics, its in-house label for a variety of products

2010: The foundations for Amazon Studios were laid. Its first original streaming content debuted in 2013

2011: The Amazon Appstore for Google's Android is launched. It is still unavailable on Apple's iOS

2014: The Amazon Echo is launched, a speaker that acts as a personal digital assistant powered by Alexa

2017: Amazon acquires Whole Foods for $13.7 billion, its biggest acquisition

2018: Amazon's market cap briefly crosses the $1 trillion mark, making it, at the time, only the third company to achieve that milestone

Kill

Director: Nikhil Nagesh Bhat

Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal

Rating: 4.5/5

ESSENTIALS

The flights

Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.

The hotels

Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.

The tours

A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.

The specs

Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)

The specs: Rolls-Royce Cullinan

Price, base: Dh1 million (estimate)

Engine: 6.75-litre twin-turbo V12

Transmission: Eight-speed automatic

Power: 563hp @ 5,000rpm

Torque: 850Nm @ 1,600rpm

Fuel economy, combined: 15L / 100km

SPEC SHEET: NOTHING PHONE (2a)

Display: 6.7” flexible Amoled, 2412 x 1080, 394ppi, 120Hz, Corning Gorilla Glass 5

Processor: MediaTek Dimensity 7200 Pro, 4nm, octa-core

Memory: 8/12GB

Capacity: 128/256GB

Platform: Android 14, Nothing OS 2.5

Main camera: Dual 50MP main, f/1.88 + 50MP ultra-wide, f/2.2; OIS, EIS, auto-focus, ultra XDR, night mode

Main camera video: 4K @ 30fps, full-HD @ 60fps; slo-mo full-HD at 120fps

Front camera: 32MP wide, f/2.2

Battery: 5000mAh; 50% in 30 mins w/ 45w charger

Connectivity: Wi-Fi, Bluetooth 5.3, NFC (Google Pay)

Biometrics: Fingerprint, face unlock

I/O: USB-C

Durability: IP54, limited protection from water/dust

Cards: Dual-nano SIM

Colours: Black, milk, white

In the box: Nothing Phone (2a), USB-C-to-USB-C cable, pre-applied screen protector, SIM tray ejector tool

Price (UAE): Dh1,199 (8GB/128GB) / Dh1,399 (12GB/256GB)

India squads

Test squad against Afghanistan: Rahane (c), Dhawan, Vijay, Rahul, Pujara, Karun, Saha, Ashwin, Jadeja, Kuldeep, Umesh, Shami, Pandya, Ishant, Thakur.

T20 squad against Ireland and England: Kohli (c), Dhawan, Rohit, Rahul, Raina, Pandey, Dhoni, Karthik, Chahal, Kuldeep, Sundar, Bhuvneshwar, Bumrah, Pandya, Kaul, Umesh.

ODI squad against England: Kohli (c), Dhawan, Rohit, Rahul, Shreyas, Rayudu, Dhoni, Karthik, Chahal, Kuldeep, Sundar, Bhuvneshwar, Bumrah, Pandya, Kaul, Umesh

SPEC SHEET: SAMSUNG GALAXY S24 ULTRA

Display: 6.8" quad-HD+ dynamic Amoled 2X, 3120 x 1440, 505ppi, HDR10+, 120Hz

Processor: 4nm Qualcomm Snapdragon 8 Gen 3, 64-bit octa-core

Memory: 12GB RAM

Storage: 256/512GB / 1TB

Platform: Android 14, One UI 6.1

Main camera: quad 200MP wide f/1.7 + 50MP periscope telephoto f/3.4 with 5x optical/10x optical quality zoom + 10MP telephoto 2.4 with 3x optical zoom + 12MP ultra-wide f/2.2; 100x Space Zoom; auto HDR, expert RAW

Video: 8K@24/30fps, 4K@30/60/120fps, full-HD@30/60/240fps, full-HD super slo-mo@960fps

Front camera: 12MP f/2.2

Battery: 5000mAh, fast wireless charging 2.0, Wireless PowerShare

Connectivity: 5G, Wi-Fi, Bluetooth 5.3, NFC

I/O: USB-C; built-in Galaxy S Pen

Durability: IP68, up to 1.5m of freshwater up to 30 minutes; dust-resistant

SIM: Nano + nano / nano + eSIM / dual eSIM (varies in different markets)

Colours: Titanium black, titanium grey, titanium violet, titanium yellow

In the box: Galaxy S24 Ultra, USB-C-to-C cable

Price: Dh5,099 for 256GB, Dh5,599 for 512GB, Dh6,599 for 1TB

COMPANY PROFILE

Company: Eco Way
Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside


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