Ras Al Khaimah Properties, the leading real estate development company in Ras Al Khaimah, announced its financial results for the first half of 2024, which witnessed recording revenues amounting to 610 million dirhams, an increase of 19%, compared to the same period last year. This growth was driven by increasing demand for the company’s diverse portfolio of residential, commercial and hospitality projects, especially the flagship Mina Al Arab projects.
The company also achieved pre-tax profits of AED 98 million, an increase of 11%, reflecting the company’s continued investments in development plans to meet growing market demands.
Abdul Aziz Abdullah Al Zaabi, Chairman of RAK Properties, said that achieving strong financial results in the first half of the year reflects the commitment of the company’s team and the resilience of its business model in the face of challenges, supported by the growth rates of the real estate sector in Ras Al Khaimah and the UAE in general.
He added that increasing the Ras Al Khaimah government’s stake in the company to 34% reflects its firm confidence in the ability to lead the sector and achieve sustainable value for shareholders.
Sameh Muhtadi, CEO of RAK Properties, said that the growing global interest in the company’s projects, coupled with the outstanding performance of its hotel assets, has contributed to strengthening its leading position in the market. He stressed his confidence that the company will achieve sustainable revenue growth, with promising new projects, and its readiness to exploit future opportunities. He stressed that the increasing support from the Ras Al Khaimah government, and the company’s proactive approach to development are essential elements that drive this continued growth, and keep the company’s future outlook positive.