RAK Properties, Ras Al Khaimah’s pioneering publicly listed property developer, has seen a 12% increase in revenue to AED289.81 million ($78.9 million) in Q1 2024 and a pre-tax profit of AED45.54 million ($12.4 million) for the quarter. The revenue growth has been underpinned by the ongoing demand for new project launches in Mina Al Arab.

 

Total assets growth continued, reaching AED6.68 billion in Q1 2024, up from AED6.46 billion as at the end of the previous quarter.

 

Abdulaziz Abdullah Al Zaabi, Chairman of RAK Properties, said: “The first quarter kicked-off with shareholder approval of the issuance of 920 million shares for the Government of Ras Al Khaimah, thus increasing its stake from 5% to approximately 34% post-issuance as a strategic shareholder.

 

Government support

“This strategic government support signals a vote of confidence in our vision and paves the way for the acquisition of new landbanks, essential for our expansion and fuelling future developments in Ras Al Khaimah.”

 

Sameh Muhtadi, CEO of RAK Properties, said: “RAK Properties has maintained its strong performance into the first quarter of 2024, reflecting our ongoing ability to grow and adapt in a dynamic market. The period was marked by continued financial growth, primarily fuelled by robust sales across a variety of property offerings.

 

“We witnessed a significant sales value in 2023, and with the successful launch of these luxury branded lifestyle residential and hospitality projects, we have now started construction, setting the stage for a ramp-up in revenue over the next few quarters. Our strategic initiatives, including new partnerships, have positioned us to further enhance our operational excellence and affirming our standing as a leader in the industry.”

 

During Q1 2024, RAK Properties continued to see strong demand and performance across its residential and hospitality portfolio of projects.

 

Residential

*Construction of two beach front residential towers for Bay Residence Phase 1 on Hayat Island, Mina Al Arab, Ras Al Khaimah is on track, with all 324 units planned for handover by the end of this year.

*Bay Residence Phase 2, also on Hayat Island, has two towers fully sold out and construction is progressing as planned. The 324 units are expected to be handed over in the first half of next year.

*At Gateway Residence 2, construction of an 8-story building on Hayat Island, is progressing well with all 146 apartments sold out and planned for handover by the end of this year.

*Construction of an additional 89 luxury villas and townhouses for Marbella Villa Phase 2 in Mina Al Arab, Ras Al Khaimah, is in advanced stages and is planned for handover by the end of this year.

*Bayviews on Hayat Island, Mina Al Arab, Ras Al Khaimah commenced construction of two towers at the end of 2023 and sold out all 344 apartments within hours of launch.

*The sale of 4 towers at Cape Hayat on Hayat Island consisting of 678 apartments launched last year and the balance units sale are progressing. The project construction commenced at the end of 2023.

*Quattro Del Mar on Hayat Island, a new project with integrated lifestyle hub and world-class facilities, launched at the beginning of this year. As of Q1 2024, around 60% of the launched inventory has been sold. Construction is set to commence by the end of Q2 2024.

 

Hospitality

*The Intercontinental Ras Al Khaimah Mina Al Arab Resort and SPA, a prestigious hotel with 351 keys located at Hayat Island Mina Al Arab, is performing well with higher occupancy and strong financial revenue.

*The second 5 Star luxury hospitality asset, the Anantara Mina Al Arab Hotel and Resort in Ras Al Khaimah with 174 keys, opened its doors and started operations from January 2, 2024.

 

Against the backdrop of this continued vigorous development demand, RAK Properties is moving forward with several planned projects.

 

Planned projects

*RAK Properties and Ellington Properties entered a JV to develop a premium waterfront residential project in Hayat Island. The partnership marks Ellington Properties’ entry into the emirate and the first joint residential apartment project which will bring a new perspective to exclusive waterfront living.

*RAK Properties has partnered with Nikki Beach Global to open first branded resort in Mina Al Arab, Ras Al Khaimah.

*RAK Properties has expanded its strategic partnership with IHG Hotels & Resorts with the introduction of Staybridge Suites at Mina Al Arab Hayat Island.

*Phase 2 of Granada villa are in final design stage, which will be launched to the market very soon.--TradeArabia News Service