RAK Properties’ profit increased 2.7 per cent in 2013 to AED151m ($41m).

The Abu Dhabi Securities Exchange-listed company handed over 192 residential units in 2013, including residential properties and commercial offices in Mina al-Arab and Julphar Tower in Ras al-Khaimah as well as the RAK Tower on Abu Dhabi’s Reem Island.

RAK Properties, which says Ras al-Khaimah needs more than 3,000 new rooms, is also looking to start work on hotel projects. The developer had previously planned to build an Intercontinental hotel and Rotana properties at its Mina al-Arab development.