Rak Properties has announced that profits for 2024 will be invested in future property developments for Ras Al Khaimah.
Rak Properties held its Annual General Meeting (AGM). Shareholders have approved all agenda items, including the full year annual financial statements of December 31, 2024.
The annual meeting confirmed RAK Properties’ commitment to long-term value-added thanks to the strategic decision to accelerate project development and to improve profits to the increase in Ras Al Khaima’s dynamic real estate landscape.
RAK Properties in Ras Al Khaimah
Instead of issuing dividends this year, the company will prioritize reinvestment in the potential for pain that will promote sustainable returns and strengthen its market position over the next decade.
This creative approach, reinforced by the Government of Ras Al Khaimah’s strategic support, provides financial stability and the ability to scale large-scale projects, including the flagship Mina masterplan, ensuring RAK Properties continues to deliver exceptional communities and long-term shareholder value.
Abdulaziz Abdullah Al Zaabi, Chairman of RAK Properties, said: “RAK Properties has once again delivered an exceptional year of financial growth, reflecting not only the strength of our vision but also the continued confidence in Ras Al Khaimah as a rising hub for investment, tourism, and sustainable urban development.
“Our performance is a testament to the Emirate’s robust economic fundamentals, forward-thinking leadership, and its increasing appeal as a world-class destination for residents, investors, and visitors alike.
“As Ras Al Khaimah continues to experience significant expansion across key sectors, RAK Properties remains committed to playing a pivotal role in shaping its future. Our long-term approach of investing in transformative, large-scale developments has driven sustained growth, and we are well-positioned to capitalise on the Emirate’s evolving landscape.
“By reinvesting in high-potential projects, we are not only strengthening our portfolio but also contributing to Ras Al Khaimah’s emergence as a leading destination for premium waterfront living, tourism, and investment.”
Sameh Muhtadi, CEO of RAK Properties, said: “2024 has been a period of strategic planning and operational implementation across our portfolio, which has established the foundations for transformative 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.”
RAK Properties generated record financial results in 2024. Revenue climbed by 40% year on year, reaching AED1.4 billion ($381.2 million) versus AED1 billion ($272 million) in 2023.
Profitability also improved significantly, with profit before tax growing by 52% to AED308m ($84m), up from AED202m ($55m) in 2023.
Net profit increased by 39% to AED281 million ($76.5 million), from AED202 million ($55 million) the previous year.
The company’s balance sheet remains robust and growing. Total assets increased by 24% to AED8.01 billion ($2.2 billion) as of December 31, 2024, up from AED6.46 billion ($1.8 billion) at the end of 2023, thanks to a land commitment from strategic stakeholder the Government of Ras Al Khaimah.
Total equity also increased significantly, reaching AED5.53 billion ($1.5 billion), up from AED4.3 billion ($1.2 billion) at the end of last year.
During the AGM, shareholders approved the following resolutions:
- The Board of Directors’ Report on the Company’s Activities and Financial Position for the Year Ended December 31, 2024
- The company’s external auditor report and financial statements for the year ended December 31, 2024
- The company’s financial statement and profit and loss statement for the fiscal year ending December 31, 2024
- Non-distribution of dividends for the fiscal year ended December 31, 2024, with profits reinvested for future expansion.
- Compensation for Board of Directors Members
- The release of the Board of Directors and the external auditor from obligation for the fiscal year ending December 31, 2024.
- External auditor reappointed for fiscal year 2025.
- A special resolution approving voluntary contributions for community service purposes of AED1.2 million ($327,000).
RAK Properties anticipates significant growth in 2025, with a strategic focus on expediting its development pipeline to suit the burgeoning Mina environment.
The year began with the successful debut of Mirasol, a resort-style residential development in Mina, with its first phase completely sold out, demonstrating strong market demand.
The company recently unveiled SKAI, a dual-tower residential property ideally placed in the center of the Harbour District.
Furthermore, the highly anticipated Four Seasons Resort and Residences Ras Al Khaimah at Mina, which will feature 150 rooms, suites, and signature villas, as well as approximately 130 private residences, represents a watershed moment in the Company’s expansion while elevating Ras Al Khaimah’s status as a premier travel destination.
Beyond the iconic Mina concept, RAK Properties sees landbank expansion as a vital component of its long-term strategy.
The addition of outstanding properties, such as the Beach District and other lands under consideration, broadens the Company’s development pipeline to a 10- to 15-year timeframe.
This planned expansion promises long-term growth and diversification across residential, hospitality, and mixed-use buildings.
