RAK Properties declared a net profit of Dh27.55 million in the third quarter of 2022 on higher revenues of Dh289.58 million. The organization made this statement as it became more competitive in the marketplace today.
According to a statement from the real estate company, from July through September 2022, its total assets increased to Dh6.24 billion, a significant increase over the Dh6.21 billion reported in December 2021.
“We are happy to share our financial results for the most recent quarter, which demonstrate the company’s flexibility in responding to the current challenging commercial environment. In order to address the demands of the real estate industry, we will continue to create beautiful residential and hotel projects. According to Abdul Aziz Abdullah Al Zaabi, chairman of RAK Properties, this industry has the best value for both investors and shareholders and continues to have significant growth potential.
InterContinental Ras Al Khaimah Mina Al Arab Resort & Spa officially opened its doors during the quarter, greatly boosting the company’s sales and profit. The company is presently focusing on developing the Anantara Mina Al Arab Ras Al Khaimah Resort, an additional avant-garde hotel project to add to its broad portfolio.
RAK Properties‘ CEO, Sameh Al Muhtadi, stressed that the company is happy to continue providing the Emirate with fantastic residential areas that provide residents a comfortable, secure, and modern lifestyle in compliance with the highest international standards.
Construction has begun and is moving along according to schedule at Hayat Island’s upscale waterfront residential tower, Gateway Residence II. Additionally, Bay Residence Phase 1 project construction and contract award by RAK Properties have been announced, he added.
Bay Residence Phase 2 will shortly be followed by the launch of an additional 2 Towers, according to RAK Properties’ future building plans, which were made public. Marbella Extension, a residential property on Hayat Island, is currently being reviewed and will be made available soon. RAK Properties also plans to construct on five plots in the Bay Area Projects on Hayat Island in Mina Al Arab.