RAK Properties net profit up 32 per cent to Dhs280m
RAK Properties, Ras Al Khaimah's leading publicly listed property developer, has announced its consolidated financial results for 2024, highlighting strong growth and strategic advancements that set the stage for transformational expansion in 2025.
RAK Properties recorded a 40 per cent year-on-year (YoY) revenue increase, reaching Dhs1.4 billion, up from Dhs1 billion in 2023.
Profit before tax surged 52 per cent to Dhs308 million compared to Dhs202 million in the previous year, while net profit rose 32 per cent to Dhs280 million.
Total assets grew by 24 per cent to AED8.01 billion as of 31st December 2024, up from Dhs6.46 billion at the end of 2023, with total equity reaching Dhs5.53 billion. Strong sales across residential, commercial, and hospitality projects, alongside disciplined cost management, contributed to this growth.
Recurring revenue from hospitality, retail, and leasing assets added Dhs261 million, reinforcing financial stability and long-term profitability.
Abdulaziz Abdullah Al Zaabi, Chairman of RAK Properties, said, 'RAK Properties has delivered another outstanding year of financial growth, reflecting the strength of our vision and stakeholder confidence. Our robust balance sheet and performance highlight the continued demand for high-quality developments in Ras Al Khaimah and our ability to anticipate market needs.'
'As we enter 2025, we are embarking on a transformative phase, led by the unveiling of the Mina masterplan - Ras Al Khaimah's most sought-after island living community.'
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Gulf Today
4 days ago
- Gulf Today
United Arab Bank launches strategic Rights Issue to raise up to Dhs 1.03 billion
United Arab Bank PJSC (UAB), listed on the Abu Dhabi Securities Exchange (ADX) announced that it proposes to increase its issued share capital by an amount up to Dhs1,031,275,325 (one billion thirty-one million two hundred seventy-five thousand three hundred twenty-five dirhams) from Dhs2,062,550,649 (two billion sixty-two million five hundred fifty thousand six hundred forty-nine dirhams) up to Dhs3,093,825,974 (three billion ninety-three million eight hundred twenty-five thousand nine hundred seventy-four dirhams) by way of the Rights Issue offered to the existing shareholders of the Bank. Further, United Arab Bank has published an invitation to its shareholders (the "Invitation") to subscribe for New Shares. Frequently asked questions relating to the Rights Issue will be made available on UAB's website ( on or around today's date. The New Shares will be issued at an issue price of Dhs1 per New Share (the "Issue Price"). The terms and launch of the Rights Issue were approved by the UAB's General Assembly Meeting held on 6th March 2025, following the approval of the Board of Directors of the Bank held on 4th February 2025. The necessary regulatory approvals have been obtained for this transaction. United Arab Bank intends to use the net proceeds raised from the Rights Issue to strengthen its capital base and to support future growth of the business of United Arab Bank. The holders of Rights, which includes shareholders of United Arab Bank and any persons who purchased Rights during the Rights Trading Period (the "Eligible Persons"), will be entitled to exercise their Rights to subscribe for New Shares at the Issue Price commencing on 4th July 2025 and ending on 17th July 2025. The New Shares will be allocated to Eligible Persons on 24 July 2025. Refunds will be given to Eligible Persons, who did not receive the number of New Shares that they subscribed for, on or around 24th July 2025. Commenting on the announcement, Shirish Bhide, CEO of United Arab Bank, said, "The Rights Issue represents a significant milestone in the Bank's journey towards its next phase of growth. It is an important step in strengthening United Arab Bank's capital position and reinforces our long-term commitment to sustainable growth. The additional capital will support the implementation of our growth strategy, enhance our financial resilience, and create long-term value for our shareholders while continuing to serve the UAE economy and contribute to its development agenda.' First Abu Dhabi Bank PJSC has been appointed as Lead Manager and Bookrunner in respect of the Rights Issue and Al Tamimi & Co. have been appointed as Legal Adviser. WAM
Gulf Today
6 days ago
- Gulf Today
MoU worth Dhs1 billion signed to develop and expand Ajman Port
Sheikh Ammar Bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of the Executive Council, witnessed the signing of a Memorandum of Understanding (MoU) between the Department of Port & Customs Ajman (DPC), and Hutchison Ports, a global port investor, developer and operator, for the expansion and development of Ajman Port's infrastructure with a joint investment worth Dhs1 billion. Under the MoU, a development plan will be drawn up for Ajman Port in accordance with the best global practices. The goal is to enhance handling efficiency in terms of performance, safety, and operational speed; attract new shipping lines; align with digital transformation plans; and launch AI-powered programmess for port operations through an integrated 15-year plan aimed at managing, operating, and developing the port, solidifying its position as a vital logistics hub in the region. Sheikh Ammar Bin Humaid Al Nuaimi stated: 'We welcome the signing of the MoU between the Department of Port & Customs Ajman and Hutchison Ports, which paves the way for a strategic, exceptional, and vital project that reflects the status of Ajman and supports its Vision 2030, enhancing its leadership and competitiveness on the global economic map.' Sheikh Ammar added, 'The Emirate of Ajman enjoys a developed and attractive investment environment, supported by a continuously evolving business ecosystem and the opening of new horizons for local and foreign investment. We believe that port development is an investment in the future of trade, food security, and economic growth.' The Crown Prince of Ajman emphasised that developing Ajman Port will play a key role in stimulating the local economy by supporting supply operations and facilitating export and import activities through the provision of sustainable, eco-friendly infrastructure, while focusing on developing national talents and equipping them with modern port management skills. The MoU was signed by Sheikh Dr Mohammed Bin Abdullah Al Nuaimi, Chairman of the Department of Port & Customs Ajman, and on behalf of Hutchison Ports by Andy Tsoi, Managing Director for the Middle East and Africa Division at Hutchison Ports. Sheikh Dr Mohammed Bin Abdullah Al Nuaimi stated that the MoU reflects the aspirations of H.H. Sheikh Humaid bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman, and Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of the Executive Council, to establish strategic partnerships focused on technology transfer, expanding investment opportunities, and building an integrated operational system based on the highest international standards in maritime and logistics operations. He noted that the MoU marks an important step in reinforcing Ajman Port's position as a strategic hub in the UAE's and the region's maritime transport network, especially since this partnership has proven its effectiveness and success at Ajman Port since 2011. WAM
What's On
30-05-2025
- What's On
6 important steps for home buyers in Abu Dhabi, from What's On's readers
Jump on that bandwagon… 3 of 12 Look for available rental units on websites such as propertyfinder. ae, or A studio apartment could run you upwards of Dhs50,000 per year, while a 2-bedroom unit begins at about Dhs80,000. Obviously, this varies depending on which side of town you’re considering. Housing listings include agency and real estate agent information. Request a callback via Whatsapp and schedule a showing. When you’ve found the right apartment, you will need a credit check, proof of employment, ID, income statement, and other major documents to reserve your unit. Use your negotiation skills when liaising with the owner via your real estate agent. You will typically need to put down 5 per cent of the annual rental figure as your agent fee and another 5 per cent to confirm your interest. You can pay in quarterly, semiannual, and annual postdated cheques. In some parts, you could be lucky enough to find yourself a monthly payment deal. If you’re able to fork out a year’s payment upfront, however, you’ll usually get a few thousand Dirhams off the list price. When you’re ready to get power and water, you’ll need to get a connection in your name with TAQA (formerly ADDC). Charges include a Dhs1,000 deposit and chilled water deposit. For handyman services, speak with the property owner and property management company. Some properties have a tie-up with companies. When you’re registered, TAQA will set up your water and electricity accounts on Tawteeq. Finally, when you have it all taken care of, make sure you have a document called the Move-in Permit. Without this, the building staff won’t be legally allowed to let you move in with your furniture. Buying a property is a huge step in anyone's life. Whether you're looking to buy a home to live in or as an investment, here are 6 simple things for new home buyers to remember, as sent in by our readers. Obvious? Maybe. Helpful? Absolutely. > Sign up for FREE to get exclusive updates that you are interested in
