This shows a 19% growth when compared to the same period in 2023.
The consolidated financial figures for RAK Properties’ first half (H1) of 2024 have been made public. The numbers demonstrate the business’s consistent financial development and strategic advancement.
Revenue for the business skyrocketed to an astounding AED 610 million ($166 million).This figure, in contrast, indicates a 19% growth over the same time period in 2023. High interest in RAK Real Estate” wide range of high-end residential, commercial, and hotel projects especially for its Mina Al Arab flagship developments fueled the company’s impressive performance.
In addition, the business’s profit before taxes increased by 11% to AED 98 million ($26.68 million), indicating strong development. This increasing tendency is a result of RAK Properties’ steadfast dedication to funding its development pipeline, which enables the business to successfully meet the shifting needs of the market.
The chairman of RAK Properties, Abdulaziz Abdullah Al Zaabi, stated that the business had a strong showing in the first half of 2024. He claimed that this illustrates the commitment of the RAK Properties staff, the tenacity of the business plan, and the developing real estate market in Ras Al Khaimah and the United Arab Emirates. Al Zaabi added that there is evident trust in RAK Properties’ strategic vision and growth trajectory as seen by the government of Ras Al Khaimah’s decision to increase its investment in the firm to 34% in June. He reaffirmed the company’s dedication to generating extraordinary returns for its investors and fostering Ras Al Khaimah’s ongoing development.
The CEO of RAK Properties, Sameh Muhtadi, claims that the company has grown steadily in the first half of 2024 due to strong demand for their diverse portfolio of properties, reaffirming their leadership position in the real estate industry.
Muhtadi stated that Ras Al Khaimah’s rapid expansion and their brand’s strength are demonstrated by the property’s strong performance and the increasing attention from around the world. He highlighted the interesting new projects that are under way and the strong pipeline of upcoming innovations to demonstrate his confidence in the company’s capacity to generate revenue growth.
Muhtadi went on to say that the government of Ras Al Khaimah’s increasing involvement and proactive approach to new market prospects had contributed to this momentum.
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