In the third quarter of 2022, RAK Properties reported a net profit of Dh27.55 million as revenues increased to Dh289.58 million. The company said this as it emerged stronger in the current competitive business environment.
The real estate company said in a statement that during the quarter of July through September 2022, its total assets climbed to Dh6.24 billion, showing a considerable increase from Dh6.21 billion 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.
The quarter saw the start of operations at InterContinental Ras Al Khaimah Mina Al Arab Resort & Spa, which significantly increased revenue and profit for the business. The business is currently concentrating on curating the Anantara Mina Al Arab Ras Al Khaimah Resort, another cutting-edge hotel project to add to its extensive portfolio. Construction on the eagerly awaited hotel is currently moving along quite quickly.
The CEO of RAK Properties, Sameh Al Muhtadi, emphasized that RAK Properties is delighted to keep offering the Emirate great residential destinations, giving inhabitants a pleasant, secure, and contemporary living in accordance with the highest international standards.
“Construction started and progressing as per the development plan at Gateway Residence II project, a luxury waterfront residential tower at Hayat Island. RAK Properties has also announced contract award and project construction of Bay Residence Phase 1,” he said.
Future construction plans were made public by RAK Properties, and Bay Residence Phase 2 will soon be followed by the introduction of a further 2 Towers. A residential home on Hayat Island called Marbella Extension is now being reviewed and will be made available soon. In the Bay Area Projects on Hayat Island in Mina Al Arab, RAK Properties also intends to build on five plots.