RAK Properties’ revenue for the first half of 2022 reaches AED 193.99 million

Press release
Published August 2nd, 2022 - 07:02 GMT
RAK Properties’ revenue for the first half of 2022 reaches AED 193.99 million
His Excellency Abdul Aziz Abdullah Al Zaabi, Chairman of RAK Properties.

RAK Properties announced its financial results for the six-month period, ending 30st June 2022 with a reported comprehensive income of AED 25.74 million during the first half of 2022.  The company’s total assets stood at AED 6.23 billion in Q2, compared to AED 6.2 billion at the beginning of this year. 

InterContinental Ras Al Khaimah Mina Al Arab Resort & Spa has opened its doors and welcomes guests to the property, adding significant profit and value to the revenue stream of the company. The Group is currently focusing its efforts on the construction of another state-of-the-art hospitality project in its portfolio, Anantara Mina Al Arab Hotel and Resort. The project plan, which is progressing at a significant pace, is set to be complete and operational by 2023.  

Commenting on the company’s first half of 2022 results, His Excellency Abdul Aziz Abdullah Al Zaabi, Chairman of RAK Properties, said: “We are pleased to announce our financial results for the first half of 2022, which reflects the company’s dedication and ability to adapt quickly in the face of adversity and ongoing challenges.  At RAK Properties, we strive to continue developing world-class residential and hotel projects catered to local residents of the UAE, as well as the international market wishing to invest and relocate to the region. Our projects are renowned for meeting the needs of the real estate market, and providing exceptional value to residents and visitors. The sector currently is seeing significant growth potential, a trend which will undoubtedly continue into the future, providing best value for investors and shareholders alike.”

RAK Properties has recently awarded the project construction contract of its famous Gateway Residences II, a luxury waterfront addition to Hayat Island, situated at Mina Al Arab in Ras Al Khaimah. The company also announced the launch of Bay Residence - Central I project, a mixed-use residential project located on the iconic Hayat Island. 

Future commercial unit developments by RAK Properties are also currently in the works, in time for the upcoming growth of commercial and tourism traffic to the Emirate. The company, which has cemented its status as the ‘UAE’s leading real estate developer’, strives to continue exploring high-value investment opportunities to attract investors from a variety of new sectors, aiming to boost the local economy.

Background Information

RAK Properties

RAK Properties is a Public Joint Stock Company (PJSC) formed in 2005 with the support of the Government of Ras Al Khaimah (RAK).

Founded in line with the vision of His Highness Sheikh Saud Bin Saqr Al Qasimi,  Ruler of Ras Al Khaimah, RAK Properties aims at supporting and promoting the economic growth of Ras Al Khaimah as well as assisting the emirate’s community development initiatives. RAK Properties will also maximize shareholders’ value through its development projects in the coastal and inland areas of Ras Al Khaimah. 

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