RAK Properties has confirmed that profits from 2024 will be reinvested into future developments across Ras Al Khaimah, reinforcing its commitment to long-term growth.
During its Annual General Meeting (AGM), shareholders approved all agenda items, including the financial statements for the year ending December 31, 2024. A key decision from the meeting was to allocate earnings toward expanding the company’s real estate portfolio rather than issuing dividends. This move aligns with RAK Properties’ strategy to enhance asset value and capitalize on the Emirate’s growing property sector.
Strategic Reinvestment for Sustainable Growth
By redirecting profits into high-potential projects, the company aims to strengthen its market position and sustain long-term returns. This approach, backed by the strategic support of the Ras Al Khaimah Government, provides financial stability while enabling large-scale developments such as the flagship Mina masterplan. The goal remains to build thriving communities and deliver sustained value for stakeholders.
Abdulaziz Abdullah Al Zaabi, Chairman of RAK Properties, stated: “RAK Properties has once again delivered an exceptional year of financial growth, reflecting the strength of our vision and the confidence in Ras Al Khaimah as an emerging hub for investment, tourism, and urban development.”
He added that the company’s long-term commitment to transformative projects continues to contribute to the Emirate’s appeal, particularly as a destination for premium waterfront living and tourism.
Sameh Muhtadi, CEO of RAK Properties, described 2024 as a year of “strategic planning and operational execution,” setting the foundation for significant growth in 2025 and beyond. “Our disciplined approach has yielded exceptional financial results, reinforcing the strong market demand for our projects. These record financial results allow us to reinvest in growth, accelerating new projects, enhancing asset value, and capitalising on opportunities across Ras Al Khaimah. We are committed to shaping Ras Al Khaimah’s future, attracting international investors, and delivering exceptional communities.”
Record Financial Performance in 2024
RAK Properties reported a 40% increase in revenue, reaching AED 1.4 billion, compared to AED 1 billion in 2023. Profit before tax rose by 52% to AED 308 million, while net profit saw a 39% jump to AED 281 million.
The company’s total assets grew by 24% to AED 8.01 billion, driven in part by a land contribution from the Ras Al Khaimah Government. Total equity also experienced a notable rise, reaching AED 5.53 billion, up from AED 4.3 billion the previous year.
Expanding the Development Pipeline
RAK Properties is preparing for a major growth phase in 2025, driven by an expanded development pipeline. The year began with the successful launch of Mirasol, a resort-style residential project in Mina, where the first phase sold out completely, reflecting strong demand. Additionally, SKAI, a twin-tower residential project in the Harbour District, has been introduced to the market.
A major milestone in the company’s expansion is the upcoming Four Seasons Resort and Residences Ras Al Khaimah at Mina. Featuring 150 rooms, suites, and signature villas, along with approximately 130 private residences, this project is set to enhance the Emirate’s appeal as a high-end travel destination.
Beyond its flagship Mina masterplan, RAK Properties is focused on expanding its landbank, with prime locations such as the Beach District under assessment. This long-term strategy extends the company’s development outlook over the next 10 to 15 years, ensuring diversification across residential, hospitality, and mixed-use projects.
Article reference: Arabian Business.
