The first publicly traded real estate developer in Ras Al Khaimah, RAK Properties, has published its consolidated financial results for the first half of 2024, demonstrating consistent revenue growth and advancement in strategy.
Revenue for RAK Properties was Dhs 610 million, a notable 19% increase over the same period in 2023. Strong demand for the company’s wide range of excellent residential, commercial, and hospitality projects—particularly for the company’s Mina Al Arab flagship developments—fueled this expansion. Profit before taxes increased by 11% to Dhs98 million, indicating the company’s continued investment in its development pipeline to meet the constantly changing market demand.
Chairman of RAK Properties Abdulaziz Abdullah Al Zaabi stated, “We are proud to report a solid performance in the first half of 2024, reflecting the burgeoning real estate landscape in Ras Al Khaimah and the wider UAE, the dedication of our team, and the resilience of our business model. The government of Ras Al Khaimah clearly believes in our strategic vision and growth trajectory, as evidenced by its June increase in stake to 34% in the business.
Also Read:
The Ambassador of Saudi Arabia honours the “Epic Story” of Hiroshima and Nagasaki.
In Ras Al Khaimah, VIM Solar Robotics Will Open its First Location in the GCC.
