RAK Properties posts Dhs27.55m profit

RAK Properties achieved stable financial results during the third quarter of 2022, and achieved a net profit of Dhs27.55 million throughout this period. The company’s’ revenue reached Dhs289.58 million, and total assets were recorded at Dhs6.24 billion in the third quarter, an increase from Dhs6.21 billion recorded in December 2021.

InterContinental Ras Al Khaimah Mina Al Arab Resort & Spa assumed operations during the aforementioned period, adding significant profit and value to the company’s revenue stream. The group currently focuses its efforts on curating another state-of-the-art hospitality project to add to its expansive portfolio - the Anantara Mina Al Arab Ras Al Khaimah Resort. The much anticipated hotel is currently progressing at a significant pace.

Abdul Aziz Abdullah Al Zaabi, Chairman of RAK Properties, said: “We are pleased to announce our financial results this quarter, which reflect the company’s ability to adapt to the current competitive business climate. We will continue to develop exquisite residential and hotel projects to meet the needs of the real estate market. This sector continues to show great growth potential, providing the best value to investors and shareholders alike”.

Sameh Al Muhtadi, RAK Properties’ CEO also stressed that RAK Properties is eager to continue to provide the Emirate with exceptional residential destinations, providing residents a comfortable, safe and modern lifestyle according to the highest global standards.

He added: “Construction started and progressing as per development plan at Gateway Residence II project, a luxury waterfront residential tower at Hayat Island. RAK Properties has also announced contract award and project construction of Bay Residence Phase 1.”

RAK Properties announced future developments plans, with Bay Residence Phase 2, a set of additional 2 Towers will be launched soon.