MB Anisuddin
Rack Properties posted a profit of AED 2.57 crore in the first half of this year. Assets at the beginning of this year were 602 crore dirhams, which increased to 623 crore dirhams in the second quarter. RAK Properties, which ranks first in the list of non-oil sources of income for the UAE, began operations in 2005 following the directive of Sheikh Saud bin Qasimi, a member of the UAE Supreme Council and Ruler of Ras Al Khaimah. Developing innovative projects and executing them in a precise manner is what drives Rack Properties on the path to success. Rack Properties has been marked in the commercial field as a trusted partner of foreign investors. Rack Properties has many projects in the residential and commercial sector including resorts, luxury hotels and malls. The law that allows 100 percent real estate ownership to foreign investors is beneficial for Rack Properties. The attractive factor for entrepreneurs is the potential gain from investing in Rack Properties, which is listed on the Abu Dhabi Stock Exchange. The real estate and tourism sectors are at the forefront of the sectors that will gain following the Covid crisis. Ras Al Khaimah’s prominence on the entertainment map is an advantage for Rack Properties. Rack Properties is targeting $136.1 million in sales by the end of this year. There are also plans to launch several residential projects. Chief among the new projects is the Dh10 billion integrated resort project. The new reform measures of the UAE government, starting with the Golden Visa, are promising for Rack Properties.
