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112% increase in RAK Properties' revenue in 2021

Ras Al Khaimah, 13 Feb, 2022

RAK Properties achieved a remarkable annual increase in its revenues during 2021, growing by 112%. The increase, amounting to AED516 million showing a substantial improvement compared to 2020 revenues of AED243 million, with 2021 net profits amounting to AED201 million, compared to AED114 million in 2020. The total comprehensive income recorded AED200 million in 2021 compared to AED99 million in 2020.

During the year 2021, RAK Properties continued to invest in the development of residential and hospitality properties and recorded high number of sales in Marbella Villas project and Al Marsa plots.

His Excellency Abdul Aziz Abdullah Al Zaabi, Chairman of RAK Properties, expressed his pride with the achieved results, which reflect the effort exerted by the company’s team, and the growth of the real estate market in the United Arab Emirates in general and particularly the emirate of Ras Al Khaimah, as well as the increase of investment opportunities. His Excellency indicated that the company’s activities during 2021 focused mainly on real estate development, Property management , facilities management, as well as selling and leasing activities, hospitality sector and other related real estate services.
His excellency stated that due to the directives of the country’s wise leadership in facilitating and providing incentives aimed at enhancing competitiveness to create an attractive investment environment, hence RAK Properties is on the verge of even more exceptional performance in the coming period, with the forthcoming delivery of more projects.

His excellency expressed his gratitude for the unlimited support of His Highness Sheikh Saud bin Saqr Al Qasimi, Member of the Supreme Council and Ruler of Ras Al Khaimah, and the follow-up and directives of his Crown Prince, His Highness Sheikh Mohammed bin Saud bin Saqr Al Qasimi, for the company and its capabilities, which supported the company’s strategy to achieve these powerful results.
In terms of the company’s developments, His Excellency said that the Marbella Project is a luxury residential complex consists of 207 villas on the beachfront in Hayat Island, Mina Al Arab, is currently ready for delivery. He added that works on the Julphar Residence Project on Al Reem Island in Abu Dhabi, a residential building consists of 266 apartments, are near completion, and is expected to be released to the market in the first quarter of this year.

The chairman stated that the InterContinental Ras Al Khaimah Mina Al Arab Resort and Spa, RAK Properties’ first five-star luxury hospitality asset, has reached its final stages and will open soon, adding that construction is continuing according to plan on the Anantara Mina Al Arab Resort Project in Ras Al Khaimah, is the next luxury five-star hospitality asset.

Al Zaabi explained that RAK Properties PJSC is focusing in the medium- and long-term on diversifying revenue streams and increasing working capital appreciation to boost the balance sheet of the company.

He stated that RAK Properties continues to invest in infrastructure development in the Mina Al Arab complex as part of its strategy to maximize the value of the complex and to enhance the investment of investors and customers and to increase number of residence in Mina Al Arab community.