Abu Dhabi – Mubasher: RAK Properties announced that it has completed the construction works of Gateway Residence, located in Mina Al Arab.

The new project comprises a collection of one- and two-bedroom residential apartments being built on Raha Island in Ras Al Khaimah, the UAE's northernmost emirate.

About 50% of the 144 residential apartments are sold, while the rest will be offered by completing inner designs, according to the company’s statement.

The project features modern fixtures and fittings and provides a combination of a modern urban sophistication and natural appeal in an idyllic waterfront location.

The project will be fully completed in the third quarter of 2019, the Abu Dhabi-listed real estate company noted.

During the nine months of 2018, RAK Properties’ profits retreated by 92% to AED 6.1 million from AED 74.7 million in the year-ago period.