RAK Properties, one of the UAE’s leading property development and tourism infrastructure companies, has announced its financial results for the first half of 2021.
Despite the challenges incurred by the COVID-19 pandemic, RAK Properties continued to show strong profits, increasing by 348 percent to AED119.8 million in the first half of this year, compared to AED26.7 million in the first half of 2020.
Revenues from the real estate firm, which is listed on the Abu Dhabi Stock Exchange, grew by 121 percent to AED265.1 million in the first half of 2021, compared to AED120.02 million in the same period in 2020.
The total income increased to AED106.58, million compared to AED11.4 million in the first half of 2020.
Revenues from development projects were AED131 million, which will be disclosed during the coming period according to the percentage of completion in the projects under construction.
Regarding the reporting of revenues, Abdulaziz Abdullah Al Zaabi, Chairman of the Board of Directors of RAK Properties, said, “We are pleased with these results, that prove once again the strength of the real estate market in the UAE and the available investment opportunities that overcome all challenges, and thanks to the wise leadership’s decisions and directives regarding facilities and incentives aimed at enhancing the competitiveness of the country and providing an attractive investment environment. The real estate market is on the verge of more exceptional performances during the coming period, with more projects to be delivered soon.”
RAK Properties also revealed two future projects it will add to its portfolio, including the Bay Residence project on Hayat Island in Mina Al Arab, and Gateway Residence 2, a residential tower located on Raha Island within the Mina Al Arab development.