RAK Properties posted a record 40 per cent year-on-year revenue growth in 2024, reaching AED1.4bn ($381m), up from AED1bn ($272m) in 2023.
Ras Al Khaimah’s leading publicly listed property developer saw consistent financial growth and strategic advancements that position the company for transformational growth in 2025.
Profit before tax increased by 52 per cent to AED308m ($84m) compared to AED202m ($55m) for the same period last year.
RAK Properties growth
Net profit grew 32 per cent to AED280m ($76m), compared to AED202m ($55m) in 2023, demonstrating the company’s ability to sustain strong momentum and deliver on its strategic vision.
Total assets increased by 24 per cent to AED8.01bn ($2.2bn) as at December 31, 2024 compared to AED6.46bn ($1.8bn) at the end of 2023.
In addition, total equity stood at AED5.53bn ($1.5bn) as at December 31, 2024 compared to AED4.3bn ($1.2bn) at the end of the previous year.
This exceptional performance 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 AED261m ($71m), reflecting stable demand across the Company’s income-generating portfolio.
These assets continue to provide a resilient income stream, enhancing financial stability and long-term profitability.
Abdulaziz Abdullah Al Zaabi, Chairman of RAK Properties, said: “RAK Properties has once again delivered an exceptional year of financial growth, demonstrating the strength of our vision and the confidence of our stakeholders.
“Our strong balance sheet and performance reflect not only the sustained demand for high-quality developments in Ras Al Khaimah, but also our ability to anticipate market needs and create destinations that elevate the emirate’s real estate landscape.
“As we enter 2025, we are poised for a defining phase of expansion, led by the unveiling of the Mina masterplan — a transformative development that will establish Ras Al Khaimah’s most sought-after island living community.
“Coupled with our AED 5bn ($1.4bn) pipeline and a strong recurring revenue portfolio, we remain committed to shaping the future of the emirate with visionary projects that attract investors, enhance communities, and reinforce Ras Al Khaimah’s position as a premier real estate destination.”
Sameh Muhtadi, CEO of RAK Properties, said: “2024, following an exceptional 2023, was a year of strategic preparation, positioning us for significant transformational expansion in 2025. Last year, we focused on strengthening our development pipeline, diversifying our offerings, and establishing key partnerships – such as our collaboration with Four Seasons.
“Looking to 2025, the rapid sell-out of Mirasol’s first phase — our first project launched in Mina in 2025 — demonstrates the strong demand for our developments and the confidence placed in our vision.
“We remain committed to being ahead of the game with swift construction and precise project delivery, leveraging our core strengths to set new benchmarks in quality, innovation, and customer satisfaction.
“The Mina masterplan is a prime example of this commitment. Mina is a world-class island destination, designed to offer an unparalleled waterfront lifestyle, premium residential living and exceptional hospitality experiences.”
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