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

Ras Al Khaimah, 2 August, 2022

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, com-pared 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 rev-enue stream of the company. The Group is currently focusing its efforts on the con-struction 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 an-nounce 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 chal-lenges. 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 res-idents and visitors. The sector currently is seeing significant growth potential, a trend which will undoubtedly continue into the future, providing best value for inves-tors 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 Mi-na 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.