For the three months ending March 31, 2022, the property developer earned Dh30.48 million.
RAK Properties has had a good start to the year, with profits of Dh30.48 million announced in the first quarter of 2022. In the first quarter, the company’s total assets were Dh6.24 billion, up from Dh6.21 billion the previous quarter.
During the first quarter of 2022, operations at the InterContinental Ras Al Khaimah Mina Al Arab Resort & Spa began, and this asset will contribute considerable value to the income stream in the coming years. Another hospitality project currently under construction by the group is the Anantara Mina Al Arab Hotel & Resort, which is on schedule to be finished in 2023.
Abdul Aziz Abdullah Al Zaabi, chairman of RAK Properties, said: “We are delighted to announce our financial results, which reflect the company’s ability to adapt to the current working climate. We continue to develop residential and hotel projects that meet the needs of the real estate market. This sector has great growth potential providing best value for investors and shareholders alike.”
RAK Properties is positive about the future, according to Al Zaabi, who stated that the business is eager to continue offering residential locations that provide people with comfortable, safe, and modern living.
The well-known Phase 1 of Marbella Villas, which was completed earlier this year, added to the revenue stream, while the Villa Extension is presently being built and will be completed in the first half of 2022.
The foundation work for Bay Residence has begun, and sales for Gateway Residence II have begun. RAK Properties also revealed in its statement that the design process for 14 beachfront plots in Hayat Island had begun.
RAK Properties intends to continue developing commercial units that will profit from the emirate’s growing commercial and tourism traffic. The organization will continue to look for investment opportunities in a range of different areas in order to attract new investors.