RAK Investment Authority sees net profit rise in H1 2010

26/08/2010 - Ras Al Khaimah Property News
RAK Investment Authority sees net profit rise in H1 2010

Posted by Neil King

The Ras Al Khaimah Investment Authority (RAKIA) saw its net profit rise by 1.5 per cent during the first half of 2010, new figures show.

In a statement via the London Stock Exchange's regulatory news service, RAKIA revealed a net profit of 128.5 million UAE dirhams for the first six months of this year - an increase on the AED126.5 million recorded in the same period last year, Dow Jones Newswires reported.

In addition, RAKIA reported that its total assets grew to AED7.26 billion at the end of June, compared with AED7.02 billion at the end of December 2009.

The newswire noted that RAKIA, which was established in 2005 and is wholly owned by the government of Ras Al Khaimah, has previously issued a $325 million Islamic bond or sukuk.

Meanwhile, the Ras Al Khaimah Free Trade Zone (RAK FTZ) recently revealed that it registered 875 new companies in the first six months of this year.

Figures show that such growth contributed to a nine per cent rise in revenue for the free zone during the first half of 2010 compared to the same period last year.
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