RAK Properties’ records Dh193.99m revenue in first half

The group is currently focusing its efforts on the construction of another state-of-the-art hospitality project in its portfolio, Anantara Mina Al Arab Hotel and Resort



RAK Properties has recently awarded the project construction contract of its famous Gateway Residences II, a luxury waterfront addition to Hayat Island, situated at Mina Al Arab in Ras Al Khaimah. — File photo
RAK Properties has recently awarded the project construction contract of its famous Gateway Residences II, a luxury waterfront addition to Hayat Island, situated at Mina Al Arab in Ras Al Khaimah. — File photo

By Staff Report

Published: Mon 1 Aug 2022, 2:46 PM

RAK Properties on Monday said its first-half comprehensive income reached at Dh25.74 million while the company’s total assets stood at Dh6.23 billion in the sec-ond quarter compared to Dh6.2 billion at the beginning of this year.

In a statement, the RAK-based group said InterContinental Ras Al Khaimah Mina Al Arab Resort & Spa has opened its doors and welcomes guests to the property, add-ing significant profit and value to the revenue stream of the company.

“The group is currently focusing its efforts on the construction of another state-of-the-art hospitality project in its portfolio, Anantara Mina Al Arab Hotel and Resort. The project plan, which is progressing at a significant pace, is set to be complete and operational by 2023,” the company statement said.

Abdul Aziz Abdullah Al Zaabi, chairman of RAK Properties, said the first-half results reflects the company’s dedication and ability to adapt quickly in the face of adversi-ty and ongoing challenges.

“At RAK Properties, we strive to continue developing world-class residential and hotel projects catered to local residents of the UAE, as well as the international market wishing to invest and relocate to the region,” he said.

“Our projects are renowned for meeting the needs of the real estate market, and providing exceptional value to residents and visitors. The sector currently is seeing significant growth potential, a trend which will undoubtedly continue into the future, providing best value for investors and shareholders alike,” he added.

RAK Properties has recently awarded the project construction contract of its famous Gateway Residences II, a luxury waterfront addition to Hayat Island, situated at Mina Al Arab in Ras Al Khaimah. The company also announced the launch of Bay Residence - Central I project, a mixed-use residential project located on the iconic Hayat Island.

Future commercial unit developments by RAK Properties are also currently in the works, in time for the upcoming growth of commercial and tourism traffic to the Emirate. The company, which has cemented its status as the ‘UAE’s leading real estate developer’, strives to continue exploring high-value investment opportunities to attract investors from a variety of new sectors, aiming to boost the local economy.

— muzaffarrizvi@khaleejtimes.com


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