RAK Properties has reported a net profit of AED 30.48 million for the three-month period ended 31st March 2022.
RAK Properties has made a steady start to the year with reported profits of AED 30.48 Million during the first quarter of 2022. The company’s total assets stood at AED 6.24 billion in Q1 compared to AED 6.21 billion in the previous quarter.
Operations have commenced at the InterContinental Ras Al Khaimah Mina Al Arab Resort & Spa during the first quarter of 2022 and this asset will add significant value to the revenue stream for subsequent years. The Group is currently constructing another hospitality project, Anantara Mina Al Arab Hotel and Resort, which is progressing as per development plan and is expected to be completed by 2023.
Commenting on the company’s Q1 2022 results, His Excellency Abdul Aziz Abdullah Al Zaabi, Chairman of RAK Properties, said: “We are delighted to announce our financial results, which reflect the company’s ability to adapt to the current working climate. We continue to develop residential and hotel projects that meet the needs of the real estate market. This sector has great growth potential providing best value for investors and shareholders alike.”
Al Zaabi pointed out that RAK Properties is optimistic about the future, stating that the company is keen to continue providing residential destinations that give residents a comfortable, safe, and modern lifestyle.
The famous Phase one of Marbella Villas handed over earlier this year contributed to the revenue stream, while the Villa’s Extension is currently underway and is expected to be launched during the first half of 2022.
Foundation work has commenced on Bay Residence and sales have been launched for Gateway Residence II. In it’s statement, RAK Properties also announced that the design process has commenced for 14 beach front plots in Hayat Island.
RAK Properties plans to further develop commercial units that will benefit from the growth of commercial and tourism traffic in the emirate. The company will continue to explore investment opportunities to attract investors from a variety of new sectors.