RAK Properties recorded a 40% increase in revenue for 2024, reaching AED1.4 billion ($381 million), up from AED1 billion ($272 million) in 2023. The Ras Al Khaimah-based developer demonstrated consistent financial growth, driven by strong sales across residential, commercial, and hospitality projects.
RAK Properties : Strong Financial Performance
Profit before tax surged by 52% to AED308 million ($84 million), compared to AED202 million ($55 million) the previous year. Net profit also grew by 32%, reaching AED280 million ($76 million), reflecting the company’s ability to sustain its growth momentum.
Total assets rose by 24% to AED8.01 billion ($2.2 billion) as of December 31, 2024, compared to AED6.46 billion ($1.8 billion) at the end of 2023. Additionally, total equity increased to AED5.53 billion ($1.5 billion), up from AED4.3 billion ($1.2 billion) the previous year.
The company’s hospitality, retail, and leasing assets contributed AED261 million ($71 million) in recurring revenue, reinforcing financial stability and long-term profitability.
Expansion Plans and Future Vision
Abdulaziz Abdullah Al Zaabi, Chairman of RAK Properties, expressed confidence in the company’s trajectory, stating, “RAK Properties has once again delivered exceptional financial growth, showcasing the strength of our vision and stakeholder confidence. As we move into 2025, we are entering a transformative phase led by the unveiling of the Mina masterplan, which will establish Ras Al Khaimah’s most sought-after island living community.”
With an AED5 billion ($1.4 billion) project pipeline, RAK Properties remains committed to attracting investors, enhancing communities, and reinforcing Ras Al Khaimah’s position as a premier real estate destination.
Strategic Developments and Partnerships
Sameh Muhtadi, CEO of RAK Properties, highlighted the company’s preparation for future expansion. He noted that 2024 was a year of strategic planning, focusing on diversifying offerings and securing key partnerships, including a collaboration with Four Seasons.
Looking ahead, Muhtadi emphasized the rapid success of Mirasol, the first project launched within Mina in 2025. He stated, “The strong demand for Mirasol’s first phase underscores investor confidence in our developments. We remain committed to swift construction, precise project delivery, and setting new benchmarks in quality, innovation, and customer satisfaction.”
The Mina masterplan is positioned as a world-class island destination, offering premium residential living, a waterfront lifestyle, and exceptional hospitality experiences, also as RAK Properties moves forward, its focus remains on creating high-quality developments that contribute to Ras Al Khaimah’s long-term economic and real estate growth.
