Staff Report
Dubai
RAK Properties, which had earlier announced a 39 percent jump in net profits to Dh281 million in 2024, compared to Dh202 million in 2023, said it will not offer dividends to shareholders and re-invest the profits in high-growth opportunities in real estate.
The decision was made at its Annual General Meeting (AGM) that also endorsed the annual results for 2024 – a year that saw the developer’s top-line revenue jump 40 percent to Dh1.4 billion last year, up from Dh1 billion recorded in 2023. The company’s profit before tax increased by 52 percent to Dh308 million, up from Dh202 million in 2023.
The AGM reaffirmed RAK Properties’ commitment to long-term value creation, with a strategic decision to reinvest profits into accelerating project development, enhancing asset value, and capitalising on Ras Al Khaimah’s dynamic real estate landscape. Rather than issuing dividends this year, the Company is prioritising reinvestment into high-growth opportunities that will drive sustainable returns and strengthen its market position over the coming decade.
This forward-looking approach, reinforced by the strategic support of the Government of Ras Al Khaimah, provides financial stability and the capacity to scale large-scale projects, including the flagship Mina masterplan, ensuring RAK Properties continues to deliver exceptional communities and long-term shareholder value.
Abdulaziz Abdullah Al Zaabi, Chairman of RAK Properties, said: “RAK Properties has once again delivered an exceptional year of financial growth, reflecting not only the strength of our vision but also the continued confidence in Ras Al Khaimah as a rising hub for investment, tourism, and sustainable urban development. Our performance is a testament to the Emirate’s robust economic fundamentals, forward-thinking leadership, and its increasing appeal as a world-class destination for residents, investors, and visitors alike.
“As Ras Al Khaimah continues to experience significant expansion across key sectors, RAK Properties remains committed to playing a pivotal role in shaping its future. Our long-term approach of investing in transformative, large-scale developments has driven sustained growth, and we are well-positioned to capitalise on the Emirate’s evolving landscape. By reinvesting in high-potential projects, we are not only strengthening our portfolio but also contributing to Ras Al Khaimah’s emergence as a leading destination for premium waterfront living, tourism, and investment.”
The Company’s balance sheet remains strong and continues to grow. Total assets increased by 24 percent to Dh8.01 billion as of 31 December 2024, compared to Dh6.46 billion at the end of 2023, which was supported by a land contribution from our strategic shareholder, the Government of Ras Al Khaimah. Total equity also saw significant growth, reaching Dh5.53 billion, up from Dh4.30 billion at the end of the previous year.
Sameh Muhtadi, CEO of RAK Properties, commented: “[The year] 2024 has been a period of strategic planning and operational implementation across our portfolio, which has established the foundations for transformative growth in 2025 and beyond. Our disciplined approach has yielded exceptional financial results, reinforcing the strong market demand for our projects.
“These record financial results allow us to reinvest in growth, accelerating new projects, enhancing asset value, and capitalising on opportunities across Ras Al Khaimah. We are committed to shaping Ras Al Khaimah’s future, attracting international investors, and delivering exceptional communities.”
RAK Properties is set for significant growth in 2025, with a strategic focus on accelerating its development pipeline to complement the thriving Mina ecosystem.
The year began with the successful launch of Mirasol, a resort-style residential development in Mina, that saw its first phase sell out entirely, underscoring strong market demand. The Company also introduced SKAI, a dual-tower residential project strategically located in the heart of the Harbour District.
Additionally, the highly anticipated Four Seasons Resort and Residences Ras Al Khaimah at Mina- featuring 150 rooms, suites, and signature villas, along with approximately 130 private residences – marks a defining milestone in the Company’s expansion while further elevating Ras Al Khaimah’s status as a premier travel destination.
Beyond the flagship Mina masterplan, RAK Properties is prioritising the expansion of its landbank as a critical component of its long-term strategy. The incorporation of prime locations, including the Beach District and other lands being assessed, extends the Company’s development pipeline to a 10- to 15-year horizon. This strategic expansion ensures sustained growth and diversification across residential, hospitality and mixed-use developments.
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