Dubai: In another push for the real estate sector in the United Arab Emirates, the main real estate developer in Ras Al Khaimah, Ras Al Khaimah Real Estate, recorded a net profit of 64.13 million dirhams for the first three months of 2021, compared to 12.04 million dirhams.
The figures were raised by other income, reaching 26.05 million dirhams, compared to 10.42 million dirhams a year earlier. Total revenue for the first quarter was 124.29 million dirhams, which is a sharp increase from 36.14 million dirhams in the first quarter of 2020.
Now, stock exchange investors and real estate sector sources are waiting for results from other big companies, such as Emaar and Damac. Last week, Deyaar reached its own set of optimistic results last week.
The value of investment properties with RAK Real Estate Company. The government of the emirate has granted land with a total area of 67 million square feet on the condition that these lands are subject to development.
“While it is expected that the current and projected impacts of the COVID-19 outbreak on economies and companies will evolve in an uncertain manner, we are cautiously optimistic that the epidemic will be controlled with the deployment of the many vaccines, and the like. A ‘new normal’ is expected to emerge after that,” Ras Al-Khaimah Real Estate said in a statement. “The company has taken various measures, among other things, in a proactive manner to ensure the safety and well-being of its employees, strategic review of business plans, organizational changes, monitoring of cash flows and cost rationalization measures.”