RAK Properties posts Dhs408m revenues

RAK Properties, the largest listed property developer in Ras Al Khaimah, on Sunday reported annual revenue of Dhs408 million for 2022. During the year RAK Properties delivered 207 villas in Marbella, a luxury residential beachfront community on Hayat Island, as well as 266 apartments in Julphar Residence on Abu Dhabi’s Reem Island. In addition, RAK Properties successfully opened the 5 Star InterContinental Hotel & Spas on Hayat Island.

Commenting on the results, Chairman of RAK Properties, Abdul Aziz Abdullah Al Zaabi said, “These results provide a strong foundation to deliver the next stage of our transformation strategy that will bear fruit in 2023 and beyond.”

Recently appointed CEO of RAK Properties, Sameh Al Muhtadi, said, “We have delivered a solid revenue number and made good progress with our residential development deliveries and our 5 Star hospitality offerings.  The InterContinental Resort & Spa has proved to be very popular and is delivering excellent revenue and the opening of the 5 Star Anantara Resort & Spa later this year will add considerable additional appeal to our overall hospitality offering on Mina Al Arab, and this will be complimented by a strong residential development pipeline of luxury villas and apartments.  I believe we are in a good position to begin the next stage of our transformation programme that will build value for our customers, our shareholders and the Emirate of Ras Al Khaimah.”

RAK Properties reported a gross profit of Dhs140.51 million and a net profit of Dhs31 million with earnings per share of Dhs0.015 for 2022. The total assets of the company as on 31st December 2022 increased to Dhs6.32 billion from Dhs6.21 billion in 2021.

RAK Properties is the largest listed property developer in Ras Al Khaimah, established in 2005, the company has successfully developed almost 3,000 residential units, 372,000 sq. ft of office space, and 260,000 sq. ft of retail space.