6 February 2025
RAK Properties (ADX: RAKPROP), Ras Al Khaimah’s leading publicly listed property developer, has released its consolidated financial results for the full year 2024, showcasing consistent financial growth and strategic advancements that position the company for transformational growth in 2025.
RECORD 2024 FINANCIAL PERFORMANCE
Building on an exceptional 2023, RAK Properties posted record 40% year-on-year revenue growth in 2024, reaching AED 1.4 billion, up from AED 1 billion in 2023.
Profit before tax increased by 52% to AED 308 million compared to AED 202 million for the same period last year. Net profit grew 32% to AED 280 million, compared to AED 202 million in 2023, demonstrating the company’s ability to sustain strong momentum and deliver on its strategic vision.
Total assets increased by 24% to AED 8.01 billion as at 31st December 2024 compared to AED 6.46 billion at the end of 2023. In addition, total equity stood at AED 5.53 billion as at 31st December 2024 compared to AED 4.30 billion 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 AED 261 million, 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.
STRATEGIC GROWTH WILL DRIVE A TRANSFORMATIONAL 2025
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 5 billion 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, commented: “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.”
KEY DEVELOPMENT ACHIEVEMENTS
The Company’s development backlog stands at AED 1.9 billion, driven by existing and upcoming projects, providing strong visibility on revenue generation over the next few years.
Residential Developments
The residential portfolio continues to serve as a cornerstone of RAK Properties’ robust performance, comprising 49% of total assets, valued at AED 8.01 billion as of December 2024. This reaffirms the Company’s steadfast commitment to delivering exceptional living spaces that enrich lifestyles and strengthen Ras Al Khaimah’s position as a premier destination.
As at 31st December 2024, RAK Properties completed 3,265 units, with an additional 2,797 units under construction, reflecting its ability to consistently meet delivery timelines while maintaining high-quality standards.
RAK Properties continued to diversify its residential portfolio in 2024 with the announcement of several new developments:
Hospitality Developments
RAK Properties recorded robust growth in its hospitality segment, reflecting the Company’s strategic focus on diversifying revenue streams beyond residential sales. The hospitality portfolio contributed to overall revenue expansion, benefiting from Ras Al Khaimah’s rising tourism demand and RAK Properties’ existing premium assets.
ESG HIGHLIGHTS
RAK Properties remains committed to sustainable development and has implemented various initiatives to minimise its environmental impact and promote social responsibility. Key highlights include:
POST PERIOD HIGHLIGHTS
RAK Properties is building on its strong 2024 performance with an ambitious agenda for 2025, focused on key project launches, strategic partnerships, and landbank expansion to support its continued growth.
RAK Properties has announced a partnership with Four Seasons to introduce a luxury beach resort and private residences at Mina, blending Ras Al Khaimah’s natural beauty with the the global acclaim of the Four Seasons brand. The resort will feature approximately 150 rooms, suites, and signature villas, alongside 130 private residences. Residential sales are set to launch later this year, with construction starting in early 2026.
