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RAK Properties’ profit surges 245% to $24m in H1 2023

By Pramod Kumar
RAK Properties results WAM
The increased revenue was driven by high demand for new project launches in both Abu Dhabi and Ras Al Khaimah (RAK)

RAK Properties on Thursday reported net profit for the first half of 2023 surged 245 percent year on year to AED88.19 million ($24.01 million).

Revenue at the Abu Dhabi-listed developer rose by an annual 164 percent to AED511.64 million during the six months, driven by high demand for new project launches in both Abu Dhabi and Ras Al Khaimah (RAK), along with the handover of residential developments.

Beachfront residential buildings reported strong demand, with the first two phases of Bay Residences on Hayat Island completely sold out.

The developer also confirmed the 5-star luxury hotel, Anantara Mina Al Arab Hotel and Resort, will open this year.

“We are witnessing demand from both local end-users and international investors driving our sales across the board,” said Sameh Al Muhtadi, CEO of RAK Properties.

“We are planning multiple launches in the coming months,” he added.

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