RAK Properties revenues rise by 19%, reach AED 610 million in H1 2024
RAS AL KHAIMAH, 8th August, 2024 (WAM) — RAK Properties, Ras Al Khaimah’s pioneering publicly listed property developer, has released its consolidated financial results for the first half of 2024, showcasing sustained financial growth and strategic progress.
RAK Properties recorded a revenue of AED 610 million, a significant 19 percent increase compared to the same period in 2023. This growth was driven by strong demand for the company’s diverse property portfolio of high-quality residential, commercial, and hospitality projects, particularly the ongoing success of its flagship developments in Mina Al Arab.
Profit before tax also demonstrated healthy growth, rising 11 percent to AED 98 million, reflecting the company’s continued investment in its development pipeline to cater to the dynamic market demands.
Abdulaziz Abdullah Al Zaabi, Chairman of RAK Properties, said, “We are proud to report a solid performance in the first half of 2024, reflecting the dedication of our team, the resilience of our business model and the burgeoning real estate landscape in Ras Al Khaimah and the wider UAE. The Government of Ras Al Khaimah’s increased stake in the company to 34 percent in June also demonstrates clear confidence in our strategic vision and growth trajectory. We remain committed to creating exceptional value for our shareholders and contributing to the continued growth of Ras Al Khaimah.”
Sameh Muhtadi, CEO of RAK Properties, commented, “The first half of 2024 has seen sustained growth for RAK Properties, driven by strong demand across our diverse property portfolio, reinforcing our leadership in the real estate market.
“The growing global interest in our properties, coupled with the strong performance of our hospitality assets, is a testament to the strength of our brand and the dynamic growth of Ras Al Khaimah. With exciting new projects underway and a robust pipeline of future developments, we are confident in our ability to continue delivering revenue growth. This momentum is further amplified by the increased stake from the Government of Ras Al Khaimah and our proactive approach to emerging market opportunities.”
“Our outlook remains bright, underpinned by the solid fundamentals of Ras Al Khaimah and our unwavering commitment to excellence and delivering exceptional value to our stakeholders,” he added.