RAK Properties revenue up 30% on new project launches

RAK Properties reported a 30 percent year-on-year increase in revenue to AED891 million ($242.6 million) in the first nine months of 2024.

The top line growth was supported by Mina Al Arab’s project portfolio expansion across residential, commercial and hospitality projects.

Net profit rose to AED133.4 million in the first nine months, up 21 percent, from AED105.2 million a year earlier.

Revenue for the three-month period reached AED280.9 million, rising 62 percent from AED173.9 million a year earlier. Bottomline rose to AED32.4 million, an increase of 92 percent year on year.  

Giving an update on its projects, the Abu Dhabi-listed developer said that phase 2 of Bay Residence at Hayat Island, Mina Al Arab, will be handed over in the first half of next year. Construction of the two towers was progressing as per the development plan.

Construction of the additional 89 villas and townhouses in Marbella Villa Phase 2 was on track for early handover.

A joint venture between RAK Properties and Dubai-based Ellington Properties commenced construction on Porto Playa, a waterfront residential development.

The construction of four towers of Cape Hayat, Hayat Island, was on track after started at the end of 2023. Piling also commenced for Quattro Del Mar, Hayat Island, with planned completion by the end of 2026.

Historically, the emirate of Ras Al Khaimah has been known for industry and manufacturing, but tourism has taken centre stage over the past decade. It expects to increase its tourist numbers to 3.5 million overnight guests in the coming years.

Raki Phillips, CEO of Ras Al Khaimah Tourism Development Authority, told AGBI that events such as the Seven Wonders series of concerts over consecutive weekends, plus the launch of its blockchain centre Digital Asset Oasis and the Wynn Al Marjan Island casino resort, will reshape RAK’s economy.