RAK Properties, the development company owned by the Ras Al Khaimah government, has announced that it is set to build a new residential project on Reem Island in Abu Dhabi containing 266 apartments.
The developer also stated it is preparing a new hotel at its flagship Mina Al Arab project in its own emirate, which will be aimed at giving a high-quality hospitality sector near to nature.
The company revealed its plan in a report associated its 2014 accounts, which showed a 3.4% upsurge in revenues to $42.4m (AED156m), compared to $41.1m (AED151m) a year earlier. This was regardless of a 7.6% slump in returns to $81.1m ($298m).
In terms of existing projects, the company said that it started both the Bermuda Villas and Flamingo II projects at Mina Al Arab within the past year.
Villas at the Flamingo project have already sold out, save for a number of properties held back for rent, and whereas RAK Properties stated sales at Bermuda Villas were succeeding as anticipated. Work began on the concluding project in November and is due to finish in 2016.