RAK Properties, Ras Al Khaimah’s leading publicly listed property developer, announced strong results in H1 2024.
The company declared its revenues to be at AED 610 million ($166 million), a significant 19% increase compared to the same period in 2023, mainly due to the strong demand for RAK Properties’ diversified portfolio in terms of high-quality residential and commercial projects as well as hospitality projects, with remarkable success shown in its flagship developments in Mina Al Arab .
Meanwhile, profit before tax grew healthily 11% to AED 98 million. This reflects the Company’s continuous investment in its development pipeline to meet dynamic market demand.
Commenting on the results, Abdulaziz Abdullah Al Zaabi, Chairman of RAK Properties, said, “We are proud of this solid performance, which is due to work by our team and to the strength of our model, besides a promising real estate environment in Ras Al Khaimah and UAE generally.”. He also pointed to the fact that, in June, the Government of Ras Al Khaimah had boosted its stake in the company to 34%, which obviously showed a vote of confidence in RAK Properties’ strategic vision and growth trajectory.
According to the CEO, Sameh Muhtadi, this growth was supported by the company’s strong performance across its property portfolio and hospitality assets. He highlighted growing global interest in their properties and showed confidence that the company can continue to deliver revenue growth.
Prospects at RAK Properties remain strong moving forward, with Ras Al Khaimah’s sound fundamentals and commitment to excellence within the company. With new exciting projects in the pipeline and a very strong pipeline of future development projects, RAK Properties will use emerging market opportunities, thereby confirming their upward trajectory in the vibrant UAE real estate sector.
