RAK Properties records Dhs30.48m profit in Q1
DUBAI: Nasdaq Dubai, the region’s international financial exchange, on Friday welcomed the listing of a $1.6 billion Sukuk by the Islamic Development Bank (ISDB).
The first public Sukuk issuance from ISDB in 2022 strengthens its position as the largest supranational institution issuing Sukuk on Nasdaq Dubai with a total value of $18.04 billion currently listed through 13 issuances.
The Bank successfully priced the 5-year Trust Certificates at par with a profit rate of 3.213%, payable on a semi-annual basis.
The new listing also brings the total value of
Sukuk listed in Dubai to $77.5 billion, strengthening Dubai’s status as one of the largest Sukuk listing centres globally.
The proceeds of the issuance will be used to finance projects under the development mandate of the Bank.
The Islamic Development Bank is a multilateral development finance institution that is focused on Islamic finance for infrastructure development and located in Jeddah, Saudi Arabia. There are 57 shareholding member states with the largest single shareholder being Saudi Arabia.
DB has evolved into a group of five entities, consisting of Islamic Development Bank (IDB), Islamic Research & Training Institute (IRTI), Islamic Corporation for Development of the Private Sector (ICD), Islamic Corporation for Insurance of Investment and Export Credit (ICIEC) and International Islamic Trade Finance Corporation (ITFC).
The Islamic Development Bank Institute (ISDBI) has unveiled recently a new brand identity, following the expansion of the Institute’s mandate as the knowledge beacon of the ISDB Group.
Previously known as the Islamic Research and Training Institute (IRTI), the Institute was restructured and renamed as ISDB Institute in 2021, ater four decades of pioneering contributions to the development of the Islamic financial industry.
RAS AL KHAIMAH: RAK Properties has made a steady start to the year with reported profits of Dhs30.48 million during the first quarter of 2022. The company’s total assets stood at Dhs6.24 billion in Q1 compared to Dhs6.21 billion in the previous quarter.
Operations have commenced at the Intercontinental Ras Al Khaimah Mina Al Arab Resort & Spa during the first quarter of 2022 and this asset will add significant value to the revenue stream for subsequent years. The Group is currently constructing another hospitality project, Anantara Mina Al Arab Hotel and Resort, which is progressing as per development plan and is expected to be completed by 2023.
Commenting on the company’s Q1 2022 results, Abdul Aziz Abdullah Al Zaabi, Chairman of RAK Properties, said: “We are delighted to announce our financial results, which reflect the company’s ability to adapt to the current working climate. We continue to develop residential and hotel projects that meet the needs of the real estate market. This sector has great growth potential providing best value for investors and shareholders alike.”
Al Zaabi pointed out that RAK Properties is optimistic about the future, stating that the company is keen to continue providing residential destinations that give residents a comfortable, safe, and modern lifestyle.
The famous Phase one of Marbella Villas handed over earlier this year contributed to the revenue stream, while the Villa’s Extension is currently underway and is expected to be launched during the first half of 2022.