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RAK Properties reports substantial revenue growth in Q1 2024

Release Date: 09 May 2024

  • Revenues increased 12% to AED 289.91 million on the same period last year
  • Government expresses confidence in company increasing stake from 5% to circa. 34%
  • The luxurious 5-star Anantara Mina Al Arab Hotel and Resort opened its doors in Ras Al Khaimah in January 2024 enriching the hospitality offering of the emirate.

RAK Properties PJSC (ADX: RAKPROP), Ras Al Khaimah’s pioneering publicly listed property developer, has released its consolidated financial results for the first quarter of 2024. A 12% increase in revenue, from AED 258.58 million in Q1’23 to AED 289.81 million in Q1 2024, has been underpinned by the ongoing demand for new project launches in Mina Al Arab.

Reflecting on the results, Abdulaziz Abdullah Al Zaabi, Chairman of RAK Properties, said, “The first quarter kicked-off with shareholder approval of the issuance of 920M shares for the Government of Ras Al Khaimah, thus increasing its stake from 5% to approximately 34% post-issuance as a strategic shareholder.

“This strategic government support signals a vote of confidence in our vision and paves the way for the acquisition of new landbanks, essential for our expansion and fuelling future developments in Ras Al Khaimah.”

Sameh Muhtadi, CEO of RAK Properties, welcomed the Q1 2024 results saying, “RAK Properties has maintained its strong performance into the first quarter of 2024, reflecting our ongoing ability to grow and adapt in a dynamic market. The period was marked by continued financial growth, primarily fuelled by robust sales across a variety of property offerings.

“We witnessed a significant sales value in 2023, and with the successful launch of these luxury branded lifestyle residential and hospitality projects, we have now started construction, setting the stage for a ramp-up in revenue over the next few quarters. Our strategic initiatives, including new partnerships, have positioned us to further enhance our operational excellence and affirming our standing as a leader in the industry.”

Q1 2024 Key Financial Highlights:

  • Revenue rose substantially to AED 289.81 million, a notable increase from the AED 258.58 million recorded in the same period last year.
  • Profit before tax grew to AED 45.54 million, up on the AED 44.60 million recorded in the same period last year.
  • Total Assets growth continued, reaching AED 6.68 billion in Q1 2024, up from AED 6.46 billion as at the end of the previous quarter.

Development highlights

During Q1 2024, RAK Properties continued to see strong demand and performance across its residential and hospitality portfolio of projects.


  1. Construction of two beach front residential towers for Bay Residence Phase 1 on Hayat Island, Mina Al Arab, Ras Al Khaimah is on track, with all 324 units planned for handover by the end of this year.
  2. Bay Residence Phase 2, also on Hayat Island, has two towers fully sold out and construction is progressing as planned. The 324 units are expected to be handed over in the first half of next year.
  3. At Gateway Residence 2, construction of an 8-story building on Hayat Island, is progressing well with all 146 apartments sold out and planned for handover by the end of this year.
  4. Construction of an additional 89 luxury villas and townhouses for Marbella Villa Phase 2 in Mina Al Arab, Ras Al Khaimah, is in advanced stages and is planned for handover by the end of this year.
  5. Bayviews on Hayat Island, Mina Al Arab, Ras Al Khaimah commenced construction of two towers at the end of 2023 and sold out all 344 apartments within hours of launch.
  6. The sale of 4 towers at Cape Hayat on Hayat Island consisting of 678 apartments launched last year and the balance units sale are progressing. The project construction commenced at the end of 2023.
  7. Quattro Del Mar on Hayat Island, a new project with integrated lifestyle hub and world-class facilities, launched at the beginning of this year. As of Q1 2024, around 60% of the launched inventory has been sold. Construction is set to commence by the end of Q2 2024.


    1. The Intercontinental Ras Al Khaimah Mina Al Arab Resort and SPA, a prestigious hotel with 351 keys located at Hayat Island Mina Al Arab, is performing well with higher occupancy and strong financial revenue.
    2. The second 5 Star luxury hospitality asset, the Anantara Mina Al Arab Hotel and Resort in Ras Al Khaimah with 174 keys, opened its doors and started operations from 2nd January 2024.

Against the backdrop of this continued vigorous development demand, RAK Properties is moving forward with several planned projects.

Planned Projects:

  1. RAK Properties and Ellington Properties entered a JV to develop a premium waterfront residential project in Hayat Island. The partnership marks Ellington Properties’ entry into the emirate and the first joint residential apartment project which will bring a new perspective to exclusive waterfront living.
  2. RAK Properties has partnered with Nikki Beach Global to open first branded resort in Mina Al Arab, Ras Al Khaimah.
  3. RAK Properties has expanded its strategic partnership with IHG Hotels & Resorts with the introduction of Staybridge Suites at Mina Al Arab Hayat Island.
  4. Phase 2 of Granada villa are in final design stage, which will be launched to the market very soon.