Staff Report
Dubai, UAE
RAK Properties, Ras Al Khaimah’s leading publicly listed property developer, announced a 64 percent yearly jump in profit before tax to Dh74 million in the first quarter of 2025. It collected a revenue of Dh370 million in Q1 2025, reflecting an increase of 28 percent compared to the same period in 2024. The financial performance marks a strong start to a milestone year in which the developer celebrates two decades of growth, underpinned by delivery, discipline and destination-making.
The first quarter of 2025 was characterised by, strong sales, expansion of the development pipeline, and continued investor confidence across key launches. As Ras Al Khaimah accelerates its trajectory as a global investment hub, RAK Properties is demonstrating its role as a performance-led developer with a long-term strategic outlook.
The revenue growth was primarily driven by continued on-site development progress across multiple residential projects and strong uptake across new launches. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased to Dh107 million — underscoring improved margins and operational leverage.
The company maintained a solid financial position, with total assets reaching Dh8.15 billion and equity rising to Dh5.59 billion. As of 31 March 2025, the development backlog stood at Dh2.33 billion, offering strong visibility into future revenues.
Sales volumes remained healthy, with 503 units sold in Q1 valued at Dh839 million — marking more units sold than any other quarter — and reflecting sustained demand across both end-user and investor segments.
Abdulaziz Abdullah Al Zaabi, Chairman of RAK Properties, said, “RAK Properties continues to deliver at a pace that reflects the strength of its vision and the depth of its operational readiness. As we mark 20 years since our establishment, we do so, not with nostalgia, but with clarity of purpose — building communities that contribute to Ras Al Khaimah’s transformation into a globally competitive destination for investment, tourism and quality living.
“This quarter reflects our growth maturity – delivering scale, attracting global partners, and supporting the Emirate’s broader economic ambitions. We will continue to move forward with a disciplined strategy that prioritises value creation, delivery excellence, and long-term investor trust.”
Construction of over 3,000 units continues across active developments, with more than 800 handovers scheduled in 2025. Flagship projects, such as Bay Residences, Granada II, Cape Hayat, and the now-completed Gateway 2, are progressing steadily. Projects including Bay Views, Edge, and Quattro Del Mar are also advancing through key construction phases, with major contracts awarded and site works underway.
Sameh Muhtadi, CEO of RAK Properties, commented, “2025 is shaping up to be a transformational year. With more than 800 handovers planned and over 3,000 units currently under construction, we are delivering across multiple fronts while maintaining strong financial discipline. This performance reflects not only our delivery momentum but also a notable strengthening of our financial fundamentals — with improved margins and disciplined cost management positioning us for sustained growth.
“In Q1, we activated key phases of the Mina masterplan, deepened our pipeline with high-performing hospitality and residential launches, and scaled our team to meet rising operational demands. We are focused on delivery, differentiation and unlocking long-term growth. This performance is only the start of what we intend to achieve this year.”
The Mina masterplan, composed of a Dh5 billion development pipeline, is poised to be a strategic pillar of Ras Al Khaimah’s tourism and investment vision, blending residential, retail, hospitality, and waterfront infrastructure.
The strategic roll-out of branded offerings at Mina reflects the company’s focus on driving the luxury segment within its portfolio. These high-impact partnerships are designed to anchor Mina as a premium waterfront address, support long-term value creation, and elevate the Emirate’s appeal to global investors.
A key placemaking milestone was the unveiling of Mina Boulevard, a curated retail and dining promenade designed to activate the community year-round. Enhanced connectivity, including a forthcoming hydrofoil service linking Ras Al Khaimah to Dubai and a fully integrated marina and yacht club, further positions Mina as a compelling destination for residents and visitors.
A landmark agreement was signed with Four Seasons to develop a luxury resort and branded residences, marking the brand’s first presence in the Emirate. Further partnerships include Nikki Beach, which will launch Nikki Beach Resort & Spa Ras Al Khaimah at Mina, and Porto Playa by Ellington, introducing a new design-focused residential offering.
Product launches in Q1 included Mirasol, a resort-inspired waterfront community, and SKAI, a contemporary residential tower in the Harbour District, both generating strong investor interest.
Additionally, RAK Properties expanded its workforce by 31 percent, bringing in new talent across engineering, development, sales, and customer service, thereby reinforcing internal capacity and aligning the organisation for future growth.
RAK Properties also introduced a fully digital Sales and Purchase Agreement (SPA) process in Q1 2025, streamlining transactions and enhancing the customer journey as part of its broader operational excellence drive.
Following its strong record in Q1 2025, The developer has started the second quarter with the release of its luxury branded Anantara Mina Ras Al Khaimah Residences product. It features a collection of 19 villas and 84 apartments, located on the waterfront of Hayat Island. The Anantara Mina Ras Al Khaimah Residences boast a full range of a la carte services and five-star resort level amenities.
The unveiling of Anantara Mina Ras Al Khaimah Residences has been closely followed by the launch of ENTA – a new residential concept, also on Hayat Island. It comprises 119 furnished apartments and features a concept store, co-working space, library, and residents lounge.
With strong fundamentals, an expanding portfolio and a deepening network of strategic partnerships, RAK Properties is well-positioned to deliver long-term value for shareholders. In line with this ambition, the company has appointed Arqaam Capital to support with ongoing strategic initiatives and capital market engagement.
As Ras Al Khaimah accelerates its transformation into a globally competitive destination for investment, lifestyle, and tourism, RAK Properties remains at the forefront — activating integrated communities, shaping new economic hubs, and contributing to the Emirate’s wider growth agenda.
Ends
Also read: RAK Properties to invest profits for high-growth opportunities
