RAK Properties currently has two underway international hotels, namely Anantara Mina Al Arab and Intercontinental Mina Al Arab, which are expected to be completed by 2020, the company’s managing director has revealed.
Anantara Mina Al Arab Hotel comprises 300 guest rooms, suites, and overwater villas, while Intercontinental Mina Al Arab Hotel incorporates 350 rooms, Mohammad Sultan Al Qadi told Mubasher in an interview.
Moreover, the Abu Dhabi-listed developer has other under-construction projects in its portfolio including Arjaan by Rotana, Al Qadi said.
The managing director stressed that RAK Properties plans to launch a range of residential and hotel projects in the coming period.
The increase in the UAE-based firm’s operating profit boosted its activities, enabling it to utilise growth opportunities in the Emirati real estate sector, the top official said.
RAK Properties logged a 9.7% increase in net profit for 2017, reaching AED 191.82 million, compared to AED 174.81 million in 2016.
The developer’s ordinary general meeting (OGM) upped the recommended dividends to AED 120 million, which make up 6% of the company’s capital.
Earlier in March, Mohamed Sultan Mohamed Alqadi was appointed as CEO.