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RAK Properties Q1 revenue soars 141% to $70.4m

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UAE real estate development company RAK Properties recorded revenue of AED 258.58 million (US$ 70.4 million) in the first quarter (Q1) of this year, compared to AED 107.25 million in the first quarter of 2022, an increase of 141%.

The growth was driven by strong client demand for new projects in Abu Dhabi and Ras Al Khaimah, as well as the handover of residential developments to owners. The company’s hotel assets also add significant value to the revenue stream, strengthen the balance sheet and drive Mina Al Arab’s appeal as a Ras Al Khaimah lifestyle destination.

Net profit for the period rose to AED 44.6 million (AED 30.48 million in the same period last year).

Development Highlights In the first quarter of 2023, RAK Properties witnessed high demand for its projects in Abu Dhabi and Ras Al Khaimah.

• The company’s Julphar Residence apartment complex on Reem Island, Abu Dhabi, managed to sell out all released units quickly and has begun handing over to end users.

• Strong demand for Ras Al Khaimah beachfront properties reflects positive investor and end-user demand for Bay Residences on the Arabian Minah Hayat Island. The condominium towers launched as part of Bay Residences Phase 1 are all sold out and construction is currently proceeding according to the development plan. The launch of Bay Residences Phase 2 has received a similar response, with 226 of the 324 apartments in the two towers now sold. Piling work has been completed and the recently appointed Gulf Asia General Contractor has been mobilized on site.

• Construction is underway on Gateway Residence 2, a 146-apartment residential complex on Hayat Island, and sales are underway.

• The second phase of the Marbella Villas sales program, consisting of 89 villas and townhouses, was launched during the quarter. Construction has started and is progressing well according to plan.Hotel Highlights

• The developer successfully opened the 351-room five-star InterContinental Ras Khaimah Mina Al Arabia Resort & Spa in 2022 and continues to achieve high occupancy and financials.

• A second five-star resort, Anantara Mina Al Arab Hotel and Resort, is under construction on Hayat Island. The exclusive luxury resort with 174 rooms and Maldivian-inspired overwater villas is scheduled to open in late 2023.

Sameh Al Muhtadi, Chief Executive Officer, RAK Properties, commented: “This set of results marks the start of a new growth phase driven by our re-imagined development pipeline. Sales of the 679 apartments we launched in Q1 were driven by both local end-users and international investment Driven by the enthusiastic needs of readers.

“We are heading into a very exciting period with more new product launches in the second quarter and second half of the year. Our main focus is on bringing in new residential developments, building partnerships to enrich our communities, and Focused on revamping projects at existing locations across the RAK emirate. We remain committed to pursuing growth opportunities and investing in strategic acquisitions. With a strong liquidity position backing us, we are well positioned to successfully execute on our long-term growth strategy.

“We are committed to RAK’s Vision 2030 and real estate mandate to develop destinations that support the emirate’s economic, social and environmental pillars. Against this backdrop, we will continue to deploy capital across platforms in an efficient manner to drive our transformational growth agenda.”

Copyright 2022 Al Hilal Publishing and Marketing Group, courtesy of SyndiGate Media Inc. (Syndigate.info).

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