Staff Report,
Dubai, UAE
RAK Properties PJSC, a leading property developer in Ras Al Khaimah, reported a whopping 555 percent jump in net profit to Dh201.82 million in 2023 from Dh30.79 million in 2022. Its revenue crossed the Dh1 billion mark in 2023. Driven by new project launches, property sales jumped 448 percent from Dh511 million in 2022 to Dh2.8 billion in 2023, reflecting a strong demand for homes in Ras Al Khaimah – the northernmost emirate of the UAE. The company’s total assets grew to Dh6.46 billion while total equity reached Dh4.3 billion.
Sameh Muhtadi, CEO of RAK Properties, remarked, “[The year] 2023 has been a year of ‘take-off’ for RAK Properties, where our advance was marked by a strategic rebranding and a stellar financial performance. Our unwavering commitment to excellence and strategic growth initiatives have placed us at the forefront of Ras Al Khaimah’s luxury lifestyle offerings. The overwhelming success in residential sales and the acclaim of our hospitality properties are a testament to our brand’s strength and market resonance.
“Looking forward, we remain committed to bringing luxury living to RAK—defining high standards and delighting customers with more than they desire. Our strategy of masterplan- led development and the unique mix of comfort, convenience, glamour, and entertainment that we offer is a blueprint for the emirate. We will continue to actively pursue strategic partnerships with renowned brands while scouting for new land acquisitions to fuel future development projects, and an expansion of our luxury offerings. Thanks to Ras Al Khaimah’s visionary leadership and progressive policies, the emirate is looking forward to an exciting tomorrow.”
Among its achievements in the residential sector in 2023, RAK Properties achieved full sell-out of all 266 apartments in Julphar Residence on Reem Island, Abu Dhabi. The two beachfront residential towers of Bay Residence Phases 1 and 2 on Hayat Island, Mina Al Arab, Ras Al Khaimah have been fully sold out. The developer’s latest beachfront project, Nasim Lofts at Bay Residence, has been launched with sales currently underway. Gateway Residence 2 and Bayviews have witnessed complete sell out. 90 percent of luxury villas and townhouses in Marbella Villa Phase 2 and more than 80 percent of the apartments in Cape Hayat have been sold. Quattro Del Mar, consisting of four towers, was launched in the past year.
RAK Properties’ hospitality division celebrated the success of the Intercontinental Ras Al Khaimah Mina Al Arab Resort and SPA and the inauguration of the Anantara Mina Al Arab Hotel and Resort in 2023.
RAK Properties has partnered with Ellington Properties to develop a waterfront residential project in Hayat Island. The partnership marks Ellington Properties’ entry into the emirate. RAK Properties has also entered into a partnership with Nikki Beach Global to open first branded resort in Mina Al Arab, Ras Al Khaimah
The developer’s notable financial results in 2023 reflects its key role in transforming Ras Al Khaimah into a booming residential and hospitality hub in the region.
Ends
Also read: RAK Properties unveils Quattro Del Mar in Mina Al Arab
