The not-so-mainstream state of RAK spawns a DH29 Million Profit in Properties for UAE!
It would not be wrong to say that most people around the globe recognize the whole of UAE only through Dubai. In fact most people think ‘Dubai’ itself is the country. This is the magnitude of recognition that Dubai very rightfully enjoys and relishes. It is inevitably Dubai that has brought along other states and the whole of UAE as a country on the fore-ground in terms of tourism and recognition on a global level. The extraordinarily amazing evolution process that UAE, more specifically, Dubai has gone through in the past decade or two is in itself quite astonishing and exemplary.
However, there are always two sides to a coin. With this heart-warming recognition to Dubai, most of the other states took a dip to oblivion globally as well as locally. One such victim is UAE’s most culturally rich and nourished state of Ras Al Khaimah. With thousands of expatriates opting to reside within the mainstream Dubai, Abu Dhabi and Sharjah, most locals also made the same switch considering the urbane-ism of the cities and their proximity to major lifestyle options and opportunities.
This situation, however, took a turn recently when Ras Al Khaimah emerged as the most profit generating state in terms of property sales and investment in the very first quarter H1 of this year of 2018. RAK has been recorded to generate a whopping profit of DH 29 Million in the property investment sector for the whole of UAE surpassing all the other states in the business. This maneuver has proved to be a stepping stone in terms of a recognition factor as well as a progressive milestone for Ras Al Khaimah.
RAK Properties’ Managing Director, Mohammad Sultan Al Qadi in context to this has been recorded to have stated: “The Company is making significant headway on residential projects both under construction and due to launch over the next year, we see robust and positive results for the upcoming second half of the year”.
The company reported more than Dh117 million increase in its total assets as of June 30, 2018.
This certainly sounds like a good news for UAE’s economy.