RAK Properties delivers buoyant results in Q3
A major new spa resort coming on-stream bolstered performance for the firm in Q3
RAK Properties has announced that it earned US $7.5mn net profit during the third quarter of 2022, while revenues climbed to $78.84mn, as the company emerged stronger in the current competitive business climate.
In a statement, the real estate company said its total assets increased to $1.7bn during the July-September 2022 quarter, reflecting a notable rise from $1.69bn recorded in December 2021.
“We are pleased to announce our financial results this quarter, which reflect the company’s ability to adapt to the current competitive business climate. We will continue to develop exquisite residential and hotel projects to meet the needs of the real estate market. This sector continues to show great growth potential, providing the best value to investors and shareholders alike,” Abdul Aziz Abdullah Al Zaabi, Chairman of RAK Properties, said.
In July 2021, Hill was awarded the project management contract for the RAK Anantara Resort project.
One of the factors adding significant profit and value to the company’s results in Q3 was the opening of the InterContinental Ras Al Khaimah Mina Al Arab Resort & Spa. Meanwhile, the group is currently focusing its efforts on curating another hospitality project: the Anantara Mina Al Arab Ras Al Khaimah Resort. The development of the hotel is currently progressing at a significant pace, the company noted.
Sameh Al Muhtadi, RAK Properties’ CEO, emphasised that RAK Properties is eager to continue to provide the emirate with exceptional residential destinations, providing residents a comfortable, safe and modern lifestyle according to the highest global standards.
Discussing the company’s projects, he stated, “Construction has started and is progressing as per the development plan at Gateway Residence II, a luxury waterfront residential tower at Hayat Island. RAK Properties has also announced the contract award and project construction of Bay Residence Phase 1.”
In January 2022, RAK Properties began handovers of the Marbella Villas.
RAK Properties announced a number of future development plans, including Bay Residence Phase 2, where two additional towers will be launched soon. Marbella Extension, a residential villa in Hayat Island is under review and will be launched soon. RAK Properties also plans to develop five plots across the Bay Area Projects, in Hayat Island, Mina Al Arab.
In February 2022, RAK Properties launched its Gateway Residences 2 residential project.
