RAK Properties to repay government loan early
Developer decides to repay $22.3m loan six months ahead of deadline
RAK Properties, the development company set up in 2005 to develop property and tourism projects, has announced plans to repay a $22.3m loan to the Emirate's government early.
The term loan from Ras Al Khaimah's Investment and Development Office was due for repayment in July this year, but the company said it had decided to repay it alongside an early settlement fee "in order to save the finance cost", according to a statement on the Abu Dhabi Securities Exchange.
In the nine months to September 30, RAK Properties made a net profit of $19.2m (AED70.7m) on revenues of $46.4m (AED170.4m). Its turnover was considerably lower than the $143.9m achieved during the same period in 2002, but the firm handed over more completed properties in the prior year.