RAK Properties plans to launch four new residential projects and a hotel project in Ras Al Khaimah this year and aims to surpass last year’s profitability on the back of higher sales.The new projects consisting of branded apartments and villas will be built at the company’s Dh10 billion ($2.72 billion) Mina Al Arab master development off the coast of Ras Al Khaimah.
RAK Properties has unveiled three new residential projects with close to 900 units so far this year with the residences at one of its developments, Bayviews, selling out within a few hours of being launched earlier this year.
The new projects will be financed through a mix of debt and equity and it also has plans to raise money through bonds as it continues to focus on developing new projects.
There’s tremendous demand for property in Ras Al Khaimah, according to Sameh Al Muhtadi, chief executive of RAK Properties. Pent-up demand and improved investor sentiment as well as new initiatives, such as visas for retirees and the expansion of the 10-year golden visa programme, have helped to drive property sales up.
In 2022, RAK Properties reported Dh408.2 million in revenue and the net profit during the period reached Dh30.7 million.
The company’s first-quarter net profit rose 46 per cent year-on-year to Dh44.5 million as revenue during the period more than doubled to Dh258.5 million.
The company has a land bank both in Dubai and Abu Dhabi and will look “at potential partnerships, co-development in those Emirates as well” to start projects. It has already completed one project called Julphar Residence in Abu Dhabi and has started handing over homes to customers.
