RAK Properties Reinforces Long-Term Growth Strategy at AGM - Middle East Business News and Information
Reinvestment strategy to accelerate sustainable long-term growth and enhance shareholder value.
All items on the agenda were discussed and approved, including RAK Properties' financial statements for the full year ended 31 December 2024
Abdulaziz Abdullah Al Zaabi, Chairman of RAK Properties, 'Our performance is a testament to the Emirate's robust economic fundamentals, forward-thinking leadership, and its increasing appeal as a world-class destination for residents, investors, and visitors alike. '
RAK Properties (ADX: RAKPROP), Ras Al Khaimah's leading publicly listed property developer, held its Annual General Meeting (AGM) today, where shareholders approved all agenda items, including the Company's financial statements for the full year ended 31 December 2024.
Strategic reinvestment to drive long-term shareholder value
The AGM reaffirmed RAK Properties' commitment to long-term value creation, with a strategic decision to reinvest profits into accelerating project development, enhancing asset value, and capitalising on Ras Al Khaimah's dynamic real estate landscape. Rather than issuing dividends this year, the Company is prioritising reinvestment into high-growth opportunities that will drive sustainable returns and strengthen its market position over the coming decade.
This forward-looking approach, reinforced by the strategic support of the Government of Ras Al Khaimah, provides financial stability and the capacity to scale large-scale projects, including the flagship Mina masterplan, ensuring RAK Properties continues to deliver exceptional communities and long-term shareholder value.
Abdulaziz Abdullah Al Zaabi, Chairman of RAK Properties, said: 'RAK Properties has once again delivered an exceptional year of financial growth, reflecting not only the strength of our vision but also the continued confidence in Ras Al Khaimah as a rising hub for investment, tourism, and sustainable urban development. Our performance is a testament to the Emirate's robust economic fundamentals, forward-thinking leadership, and its increasing appeal as a world-class destination for residents, investors, and visitors alike.
'As Ras Al Khaimah continues to experience significant expansion across key sectors, RAK Properties remains committed to playing a pivotal role in shaping its future. Our long-term approach of investing in transformative, large-scale developments has driven sustained growth, and we are well-positioned to capitalise on the Emirate's evolving landscape. By reinvesting in high-potential projects, we are not only strengthening our portfolio but also contributing to Ras Al Khaimah's emergence as a leading destination for premium waterfront living, tourism, and investment.'
Sameh Muhtadi, CEO of RAK Properties, commented: '2024 has been a period of strategic planning and operational implementation across our portfolio, which has established the foundations for transformative growth in 2025 and beyond. Our disciplined approach has yielded exceptional financial results, reinforcing the strong market demand for our projects.
'These record financial results allow us to reinvest in growth, accelerating new projects, enhancing asset value, and capitalising on opportunities across Ras Al Khaimah. We are committed to shaping Ras Al Khaimah's future, attracting international investors, and delivering exceptional communities.'
Key financial highlights
RAK Properties achieved record financial results in 2024. Revenue increased by 40% year-on-year, reaching AED 1.4 billion compared to AED 1 billion in 2023. Profitability also saw substantial growth. Profit before tax increased by 52% to AED 308 million, up from AED 202 million in 2023. Net profit grew by 39% to AED 281 million, compared to AED 202 million the previous year.
The Company's balance sheet remains strong and continues to grow. Total assets increased by 24% to AED 8.01 billion as of 31 December 2024, compared to AED 6.46 billion at the end of 2023, which was supported by a land contribution from our strategic shareholder, the Government of Ras Al Khaimah. Total equity also saw significant growth, reaching AED 5.53 billion, up from AED 4.30 billion at the end of the previous year.
Key AGM resolutions:
During the AGM, shareholders approved the following resolutions: The Board of Directors' report on the Company's activities and financial position for the year ended December 31, 2024.
The Company's external auditor report and financial statements for the year ended December 31, 2024.
The Company's financial statement and statement of profit and loss for the financial year ended December 31, 2024
The non-distribution of dividends for the financial year ended December 31, 2024, with profits reinvested for future growth.
The remuneration of the Members of the Board of Directors.
The absolution of the Board of Directors and the external auditor from liability for the financial year ended December 31, 2024.
Reappointment of the external auditor for the fiscal year 2025.
A special resolution approving voluntary contributions for community service purposes of AED 1.2 million.
Outlook for 2025
RAK Properties is set for significant growth in 2025, with a strategic focus on accelerating its development pipeline to complement the thriving Mina ecosystem.
The year began with the successful launch of Mirasol, a resort-style residential development in Mina, that saw its first phase sell out entirely, underscoring strong market demand. The Company also introduced SKAI, a dual-tower residential project strategically located in the heart of the Harbour District.
Additionally, the highly anticipated Four Seasons Resort and Residences Ras Al Khaimah at Mina- featuring 150 rooms, suites, and signature villas, along with approximately 130 private residences – marks a defining milestone in the Company's expansion while further elevating Ras Al Khaimah's status as a premier travel destination.
Beyond the flagship Mina masterplan, RAK Properties is prioritising the expansion of its landbank as a critical component of its long-term strategy. The incorporation of prime locations, including the Beach District and other lands being assessed, extends the Company's development pipeline to a 10- to 15-year horizon. This strategic expansion ensures sustained growth and diversification across residential, hospitality and mixed-use developments.
About RAK Properties:
Founded in 2005 under the visionary leadership of His Highness Sheikh Saud Bin Saqr Al Qasimi, Ruler of Ras Al Khaimah, RAK Properties is a leading real estate developer committed to producing exceptional and sustainable destinations. Specialising in contemporary and meticulously crafted communities, RAK Properties integrates excellence, innovation, and nature to create enriching lifestyles in alignment with the aspirations of tomorrow's people.
RAK Properties plays a pivotal role in achieving RAK Vision 2030, focusing on delivering economic, social, and environmental value, all aimed at enhancing lives and places, and contributing to the prosperous narrative of Ras Al Khaimah.
Awards and recognitions Awarded 'Developer of the Year' 2023 by Construction Week Middle East.
Bay Views Residences won the 'Best Residential Project' at the Design Middle East Awards 2023, where the residential development was recognized as the region's best design and architecture.
Quattro Del Mar was awarded the Best Mixed-Used Project at the prestigious Pillars of Real Estate Awards 2024.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mid East Info
2 days ago
- Mid East Info
Luis Gallego Chairs IATA Board - Middle East Business News and Information
The International Air Transport Association (IATA) announced that Luis Gallego, CEO of International Airlines Group (IAG), has assumed his duties as Chair of the IATA Board. His one-year term began at the conclusion of the 81st IATA Annual General Meeting in New Delhi, India, on 2 June 2025. Gallego is the 83rd Chair of the IATA Board on which he has served since 2018. Gallego succeeds IndiGo CEO Pieter Elbers, who will continue to serve on the Board. 'I am honored to be taking up the position of Chair of the IATA Board. The airline industry faces significant challenges—accelerating environmental action, managing geopolitical shifts and supply chain issues, and dealing with concerns over infrastructure capacity and costs. At the same time, the industry has incredible strengths to call on— most of all the quality of the people that strive to make aviation a safe, secure and rewarding experience for millions of travelers every day. IATA has a vital role in harnessing these human and technical resources to deliver leadership and innovation. I look forward to playing my part in steering IATA in its long mission for a strong and successful airline industry,' said Gallego. Gallego has nearly 30 years of broad experience in the aviation industry. He became IAG's chief executive in September 2020, joining from Iberia, where he was chairman and chief executive from January 2014. During his tenure at Iberia, he turned the airline around and improved its efficiency, customer service and brand. Before that, Gallego launched Iberia Express, as chief executive from January 2012, making the new Iberia subsidiary one of the most efficient and punctual airlines in Europe. Gallego joined Iberia Express from Vueling where he was chief operating officer from 2009, when the airline merged with the low-cost carrier Clickair which he co-founded in 2006. He held various posts at Spanish regional airline Air Nostrum between 1997 and 2006. 'I look forward to working with Luis to deliver an agenda of IATA activities that are critical to the current and future success of our member airlines. Luis has a long and deep involvement with the complex issues which are top priorities for our Association—facilitating net zero carbon emissions by 2050, achieving a smart approach to regulation and ensuring a capacity and cost structure that can meet the growing demands for air connectivity. I also want to thank Pieter Elbers for his strong support and leadership over the past year, and in particular for his hosting of a spectacular and invigorating AGM in India,' said Willie Walsh, IATA's Director General. Chair Elect and Board Appointments: IATA announced Roberto Alvo, CEO of LATAM Airlines Group, to serve as Chair of the Board from June 2026, following Gallego's term. IATA also published the full list of its 32 Board members.
Mid East Info
2 days ago
- Mid East Info
LATAM Airlines Group to Host 82nd IATA AGM in Rio de Janeiro, Brazil - Middle East Business News and Information
The International Air Transport Association (IATA) announced that the 82nd IATA Annual General Meeting (AGM) will be held in Rio de Janeiro, Brazil in June 2026, hosted by LATAM Airlines Group. 'We are excited to accept LATAM's offer to host IATA's 82nd AGM in Rio de Janeiro. The last time the IATA AGM was in South America was in 1999, also in Rio. It will be a great opportunity to take stock of changes over two decades of development that have seen strengthening air connectivity successfully support major world events like the FIFA World Cup and the Olympics. By meeting in the largest aviation market in South America, the AGM will highlight the great potential for aviation to be an even more powerful strategic force driving social and economic prosperity,' said Willie Walsh, IATA's Director General. 'LATAM is proud to host the IATA AGM in Brazil in 2026, the main market for our airline group connecting South America to the world. In addition to facilitating a successful gathering of our industry leaders, we look forward to showcasing the contributions and enormous potential for aviation in Brazil and throughout South America. We are confident that Rio de Janeiro, one of the most spectacular cities in the world with its unparalleled hospitality and beauty, will ensure a warm welcome and a memorable experience for all attendees,' said Roberto Alvo, CEO of LATAM Airlines Group. LATAM Airlines Group connects people and cultures across South America and beyond with 153 destinations across 27 countries. In 2024, LATAM transported a record 82 million passengers and achieved significant milestones in fleet modernization and environmental sustainability. Hosting the IATA AGM in Rio de Janeiro reflects Brazil's rich history in aviation, dating back to the pioneering efforts of Alberto Santos-Dumont, who is celebrated as one of the fathers of aviation. His historic flight in 1906 marked a significant milestone in the development of powered flight, not only in Latin America but also the entire globe.
Mid East Info
23-05-2025
- Mid East Info
RAK PROPERTIES GROWS RESIDENTIAL PORTFOLIO OFFERING WITH THE LAUNCH OF ENTA - Middle East Business News and Information
Ras Al Khaimah, UAE – 23 May 2025: RAK Properties, Ras Al Khaimah's leading publicly listed property developer, continues to expand its residential product offering with the launch of ENTA MINA – a new design led apartment concept developed in partnership with HIVE and A.R.M Holding. ENTA MINA, consisting of 119 character-rich residences, is a new, design-forward residential brand, catering to a new generation of homebuyers and occupants. ENTA MINA seeks to offer a complete lifestyle ecosystem with its resident café and restaurant, hosting lounge, library, infrared sauna, plunge pools, outdoor gathering areas, and co-working facility. Through ENTA MINA, RAK Properties, in partnership with HIVE, aims to support a modern, flexible work driven lifestyle and economy. Commenting, Sameh Muhtadi, Chief Executive Officer RAK Properties, said: 'ENTA brings an entirely new demographic to Mina, and immediately changes the conversation around co-living spaces. This is a segment typically within the rental market, but with ENTA MINA, you can buy into that lifestyle – it's exciting to be at the vanguard of a new movement. We have been working closely with the team at HIVE since we signed our partnership agreement with them to bring ENTA MINA to life which places community, and thoughtful design at the top of its product's agenda. 'ENTA MINA will bring a younger demographic to live, work and play in Ras Al Khaimah. Targeted tenants are aged 25-35 years old and they will even have the flexibility to work from the beach if they so wish. The multiplier effect of this is clear – it gives a space where ideas can turn into enterprises, which in turn helps to grow the wider economy.' Bass Ackermann, Founder of HIVE, elaborated by stating: 'ENTA was born from watching HIVE tenants grow into homeowners – people who still wanted the feeling of what we created, but in a place they could truly call their own. It addresses a market need for ready-made but authentic community. ENTA aims to speak to a new kind of homeowner – someone who values design, function, and feeling in equal measure. It's a brand grounded in creative integrity, but also built to perform, whether you're living in it or investing in it.' In May 2025 RAK Properties published its Q1 2025 financial results in which the Company recorded notable growth in revenue and profit, reflecting the strength of its operational performance and continued development momentum. In April 2025, RAK Properties commenced sales on is Anantara Mina Residences project – a community of 103 luxury apartments and villas, set along the waterfront of Hayat Island, Mina.
