UAE: RAK Properties Q1 revenue surges 141% to $70.4mln

UAE: RAK Properties Q1 revenue surges 141% to $70.4mln

RAK Properties, a UAE real estate development company, has posted revenues of AED258.58 million ($70.4 million) for the first quarter (Q1) of the year as against AED107.25 million during Q1 2022, marking an increase of 141%.

The growth was driven by strong customer demand for new project launches in Abu Dhabi and Ras Al Khaimah and handover of residential developments to owners. The company’s hospitality assets have also added significant value to revenue streams, strengthened the balance sheet and driven the appeal of Mina Al Arab as a lifestyle destination in Ras Al Khaimah.

Net profit for the period of increased to AED44.60 million (AED30.48 million for the same period last year).

Development highlights During Q1 2023, RAK Properties witnessed high levels of demand for its projects in Abu Dhabi and Ras Al Khaimah.

• The company succeeded in rapidly selling-out all of the released units in its Julphar Residence apartment building located on Reem Island in Abu Dhabi and has also commenced the hand-over to end users.

• Strong demand for beachfront properties in Ras Al Khaimah reflects positive investor and end-user demand for Bay Residences, located on Hayat Island, Mina Al Arab. The apartment buildings launched as part of Bay Residences Phase 1