Developer RAK Properties posts 19% rise in H1 revenue

RAK Properties, Ras Al Khaimah’s publicly listed property developer, has reported a 19 per cent increase in revenue for H1 2024, reflecting continued robust demand across its residential, commercial, and hospitality segments.

The company’s revenue reached Dhs610m during the period, bolstered by the success of its flagship developments in Mina Al Arab.

The company’s profit before tax also saw an 11 per cent uptick, reaching Dhs98m, as RAK Properties continued to invest heavily in its development pipeline to meet evolving market demands.

The growth underscores the company’s strategic focus on expanding its high-quality property portfolio and capitalising on Ras Al Khaimah’s burgeoning real estate landscape.

Read: RAK Properties’ Sameh Muhtadi on why Ras Al Khaimah is a magnet for investors

RAK Properties leadership have a positive outlook about the future

Chairman Abdulaziz Abdullah Al Zaabi expressed satisfaction with the results, attributing the strong performance to the company’s resilient business model and the favourable market conditions in Ras Al Khaimah and the wider UAE. He said: “The government of Ras Al Khaimah’s decision to increase its stake in the company to 34 per cent in June underscores the confidence in our strategic vision and growth trajectory.”

CEO Sameh Muhtadi echoed Al Zaabi’s sentiments, noting that the company’s diverse property portfolio has reinforced its leadership in the real estate market. “The growing global interest in our properties, alongside the strong performance of our hospitality assets, validates the strength of our brand and the dynamic growth of Ras Al Khaimah,” Muhtadi said.

He also emphasised the company’s proactive approach to new market opportunities and its pipeline of future developments, which he believes will sustain the momentum in revenue growth.

RAK Properties remains optimistic about the future, with Muhtadi stating that the company’s outlook is buoyed by the solid fundamentals of Ras Al Khaimah’s real estate sector and a steadfast commitment to excellence. The company’s strategic initiatives and expansion plans are expected to further enhance its market position and deliver sustained growth for stakeholders.