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 market’s ever-changing demands.
We are proud to report a solid performance in the first half of 2024, reflecting the dedication of our team, the resilience of our business model, and the burgeoning real estate landscape in Ras Al Khaimah and the wider UAE,” stated Abdulaziz Abdullah Al Zaabi, Chairman of RAK Properties. The Ras Al Khaimah government’s decision to increase its ownership position in the company to 34% in June indicates their unwavering faith in our growth trajectory and strategic vision.
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