Real Estate RAK Properties banks on new launches to spur 2025 growth By Pramod Kumar February 7, 2025, 10:55 AM Wam A view of the Quattro Del Mar waterfront development in Mina Al Arab. RAK Properties has an AED5 billion project pipeline RAK Properties, which trades on the Abu Dhabi stock exchange, said revenues hit a new high in 2024, rising 40 percent to AED1.4 billion ($381.2 million) from AED1 billion in 2023. The higher topline drove net profit up by 32 percent to AED280 million, compared to AED202 million in 2023. The company said it was fuelled by robust sales across key residential, commercial and hospitality projects, alongside disciplined cost management and operational efficiencies. Recurring revenue from hospitality, retail and leasing assets contributed AED261 million, reflecting stable demand across the company’s income-generating portfolio. Total assets increased by 24 percent year on year to AED8.01 billion as of December 31, 2024. In addition, total equity reached AED5.53 billion by December-end compared to AED 4.30 billion in 2023. RAK Properties sets vision for Ras Al Khaimah development RAK Properties considering hospitality IPO RAK government to raise stake in property developer to 34% Chairman Abdulaziz Abdullah Al Zaabi said 2025 will see a new phase of expansion, led by the unveiling of the Mina master plan. The company has an AED5 billion pipeline and a strong recurring revenue portfolio, which will position Ras Al Khaimah as a premier real estate destination, he added. The development backlog reached AED1.9 billion, driven by ongoing and upcoming projects, ensuring strong revenue visibility for the next few years.
