RAK Properties' Q3 Profit Skyrockets 282% to Dh105.17 Million on Strong New Project Sales

Ras Al Khaimah-based property developer, RAK Properties, reported a remarkable 282% increase in net profit to Dh105.17 million in the third quarter of 2023, driven by the introduction of new projects that resulted in a 137% revenue boost to Dh685.56 million. The company attributed this success to "continued robust demand" for its "newly released residential mixed-use projects" in both Abu Dhabi and Ras Al Khaimah.

RAK Properties' CEO, Sameh Muhtadi, emphasized their focus on making Mina Al Arab the leading lifestyle destination in Ras Al Khaimah. He noted that the opening of the 5-star Anantara Resort & SPA and the forthcoming Nikki Beach Resort & Spa Ras Al Khaimah will further enhance their hospitality offerings and revenue streams.

In the first nine months of fiscal 2023, RAK Properties generated revenues of Dh1.5 billion, with a 141% increase in third-quarter operating profit to Dh172.2 million compared to the same period last year.

Sales have been booming with over 94% of units at the Julphar Residence apartment project on Reem Island sold out, and more than 90% of luxury villas and townhouses at Marbella Villa Phase 2, Mina Al Arab, already sold with construction ongoing for additional units. The company also mentioned the successful launch and sale of residential towers in Bayviews, Hayat Island, Mina Al Arab, and the sale of four residential buildings at Cape Hayat, Hayat Island.

Furthermore, RAK Properties partnered with Nikki Beach Global to introduce Mina Al Arab, Ras Al Khaimah's first and only branded hotel resort.