RAK Properties, Ras Al Khaimah’s publicly listed real estate developer, has released its consolidated financial results for the first half (H1) of 2024. The figures showcase the company’s sustained financial growth and strategic progress.
The company’s revenue soared to an impressive AED610 million ($166 million). This figure represents a 19 percent growth compared to the same period in 2023. The robust performance was fueled by strong demand for RAK Properties’ diverse portfolio of premium residential, commercial, and hospitality projects, particularly the ongoing success of its flagship developments in Mina Al Arab.
Furthermore, the company’s profit before tax also demonstrated healthy growth, rising 11 percent to reach AED98 million ($26.68 million). This upward trend reflects RAK Properties’ unwavering commitment to investing in its development pipeline, enabling the company to cater effectively to the dynamic demands of the market.
Resilient business model
According to Abdulaziz Abdullah Al Zaabi, chairman of RAK Properties, the company reported a solid performance in the first half of 2024. This, he said, reflects the dedication of the RAK Properties team, the resilience of the company’s business model, and the burgeoning real estate landscape in Ras Al Khaimah and the wider UAE. Al Zaabi also noted that the Government of Ras Al Khaimah’s increased stake in the company to 34 percent in June demonstrates clear confidence in RAK Properties’ strategic vision and growth trajectory. He reiterated the company’s commitment to creating exceptional value for its shareholders and contributing to the continued growth of Ras Al Khaimah.
New projects and robust pipeline
For his part, Sameh Muhtadi, CEO of RAK Properties, stated that the first half of 2024 has seen sustained growth for the company, driven by strong demand across their diverse property portfolio, which has reinforced their leadership in the real estate market.
Muhtadi noted that the growing global interest in their properties, coupled with the strong performance of their hospitality assets, is a testament to the strength of their brand and the dynamic growth of Ras Al Khaimah. He expressed confidence in the company’s ability to continue delivering revenue growth, citing the exciting new projects underway and a robust pipeline of future developments.
Muhtadi further highlighted that this momentum is further amplified by the increased stake from the Government of Ras Al Khaimah and their proactive approach to emerging market opportunities.