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RAK Properties Sees Huge Jump In Profits

Property developer RAK Properties had an excellent year in 2023. The company made a lot more money than the year before.

Property developer RAK Properties had an excellent year in 2023. The company made a lot more money than the year before.

On Tuesday, RAK Properties shared its financial information for 2023. Revenue went up by over $162 million to $273.5 million. Net profit rose by $46.6 million to $54.9 million. Total comprehensive income grew by $43.8 million to $49.5 million.

2023 was a “take-off” year for the company. RAK Properties rebranded itself. It also did very well financially.

Sameh Muhtadi is the CEO. He was happy with how the year went.

Muhtadi said the excellent sales and reviews of RAK Properties’ projects show the company is strong. He said they are committed to “bringing luxury living to RAK.” They want to keep setting high standards that thrill customers.

Some key updates from RAK Properties:

Residential Projects

  • Julphar Residence towers in Abu Dhabi – all 266 apartments sold out
  • Bay Residence Phase 1 on Hayat Island – 2 sold-out beachfront towers, construction on schedule
  • Bay Residence Phase 2 on Hayat Island – 324 apartments in 2 towers sold and being built
  • Nasim Lofts at Bay Residence launched – beachfront homes, sales open
  • Gateway Residence 2 towers sold out – 146 apartments, construction advancing
  • Marbella Villa Phase 2 launched – 89 villas, 90% sold
  • Bayviews project launched – 344 apartments across 2 fast-selling towers
  • Cape Hayat project launched – 678 apartments in 4 towers, 80% sold in 2023
  • Quattro Del Mar launched – 4 towers in a prime location on Hayat Island

Hospitality

  • Intercontinental RAK resort continued strong performance in 2023
  • New 5-star Anantara hotel with 174 rooms opened in January 2024

Partnerships

  • Partnered with Ellington Properties on a new JV premium waterfront project
  • Deal with Nikki Beach Global to open the first branded resort in RAK

The future looks bright for RAK Properties after this record-breaking year. The company will keep working on exciting new real estate projects in RAK. It wants to bring more luxury offerings to the area.

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