RAK nets $688mln in real estate sales amid property boom
The total value of real estate transactions in June 2024 reached an astonishing AED2.53 billion ($688 million) - an exponential leap from just AED10 million ($2.72 million) in June 2017.
Similarly, mortgage values have soared, recording AED3.47 billion in July 2024, compared to AED15.8 million in July 2017 - an unprecedented increase of approximately 21,849%.
This surge underscores the growing investor confidence and the emirate's rising prominence as a real estate powerhouse, said Andrei Charapenak, the CEO of Major Developers, a leading developer in Ras Al Khaimah.
"Ras Al Khaimah is no longer an emerging player, it has cemented itself as a prime investment destination. The staggering increase in real estate transactions and mortgage values reflects the emirate's economic momentum, fuelled by visionary leadership, strategic infrastructure developments, and a strong appetite for premium residential and commercial spaces," he noted.
The surge in transactions, he stated ,comes at a time when Ras Al Khaimah is attracting heightened interest due to its strategic initiatives, including the expansion of Ras Al Khaimah International Airport, hospitality and entertainment investments, and a strong push toward sustainable urban development.
"We are seeing a paradigm shift in investor sentiment - luxury, sustainability, and lifestyle integration are driving purchasing decisions. Major Developers is committed to shaping the future of real estate in Ras Al Khaimah," he added.- TradeArabia News Service
Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Sharjah 24
18 hours ago
- Sharjah 24
FTA stresses prompt corporate tax registration
The FTA clarified that in order to be exempt from the AED10,000 'Late Registration Penalty' for Corporate Tax, Taxable Persons (or Exempt Persons required to register) must submit their Tax Return (or annual declaration) no later than seven months from the end of their first Tax Period (or the first Financial Year), instead of nine months. The Late Registration Penalty Waiver initiative applies only to the first Tax Period of the Taxable Person (or Exempt Person required to register), regardless of whether the due date of the first Tax Return (or annual declaration) was before or after the new decision came into effect. Khalid Ali Al Bustani, Director General of the FTA, emphasised the importance of the non-registered Corporate Tax Taxable Persons to submit their Corporate Tax registration applications to the FTA, followed by the submission of Tax Returns through the 'EmaraTax' platform. He highlighted that meeting the deadlines allows eligible Taxable Persons and certain Exempt Persons—who are required to register—to benefit from the UAE Cabinet Decision on the administrative penalties waiver initiative, which exempts them from fines related to delays in Corporate Tax registration. Al Bustani added, 'This important initiative comes as part of the comprehensive strategy to support business sectors and encourage voluntary compliance with tax laws and procedures to avoid Administrative Penalties. This contributes to promoting economic growth, ensuring tax transparency and fairness within a legislative environment that keeps pace with developments through sustainable improvement, while maintaining performance quality and managing the tax system with the highest levels of efficiency and accuracy.' He stated, 'It is clear that the initiative to waive the Late Registration Penalty is incentivising many registrants for Corporate Tax as we note an increase in the number of Corporate Tax registrations to 576,000 – up from 538,000 registrants before the launch of the waiver initiative, in April 2025. This resulted in an increase of 38,000 additional registrations, as thousands of Corporate Tax registrants have submitted their Tax Return and annual declaration within the specified deadline to benefit from the Late Registration Waiver.' Al Bustani said that these indicators are a clear reflection of the initiative's success, which shows how the awareness on tax compliance and procedures is growing across all business sectors, in the UAE. The FTA is keen to continue engaging with the business community through various awareness channels, as well as to seek taxpayers' views and discuss ways to overcome any challenges they may face. Furthermore, the authority is intensifying its efforts, in cooperation with the relevant entities, to raise awareness about the importance of the initiative and the need for non-registered Corporate Tax Taxable Persons to benefit from the waiver initiative.
Arabian Business
22-07-2025
- Arabian Business
Dubai e-hailing service Hala reports 12% trip growth in first half of 2025
Dubai-based e-hailing service Hala has recorded growth in trips and users during the first half of 2025, alongside fleet expansion and sustainability initiatives. The joint venture between the Roads and Transport Authority (RTA) and Careem reported a 12 per cent increase in taxi trips in Dubai during peak months, with active users rising by 10 per cent. In Ras Al Khaimah, trip volumes grew 11.3 per cent whilst user numbers increased by 15 per cent. Hala sees surge in rides, users Customer satisfaction maintained 4.9 out of 5, with 98 per cent of rated trips marked 'Good' or better. The service delivered a 93 per cent trip fulfilment rate and maintained an average estimated time of arrival under three minutes in peak areas. Hala expanded its fleet by 250 vehicles during H1, with 600 more planned for deployment. The company introduced four electric vehicle models, bringing the overall fleet to 90 per cent hybrid composition. Electric vehicle trips resulted in an estimated emissions reduction of 272.61 metric tons of CO₂e. Operational performance showed improvements across metrics. Customer contact rates dropped by 13 per cent, low-rated trips declined by 25 per cent, and cancellations fell by 17 per cent. These improvements followed initiatives including increased taxi supply, coordination with franchise partners, and customer experience enhancements such as hygiene standards and in-car fragrances through a partnership with Rituals. The company onboarded 2,600 new Captains during H1 with training across operational and service modules. More than 6,000 existing Captains completed refresher training focused on customer experience and ride quality. Khaled Nuseibeh, CEO of Hala, said: 'We're proud of the momentum achieved in H1, but more importantly, we remain focused on continuous improvement. These results reflect our commitment to raising the bar for mobility in every city we serve. Whether it's through Captain Care, listening to our riders, or investing in greener mobility, we are scaling in a way that is sustainable, responsive, and responsible.' The service operates through the Careem app and provides rides across Dubai and Ras Al Khaimah. Growth reflects wider UAE mobility trends including tourism strength, rising domestic travel, and increased e-hailing adoption as complement to existing transport options. Captain well-being initiatives include development opportunities, safety and service training, support mechanisms for physical and mental well-being, recognition programmes for top performers, flexible scheduling, and financial support programmes.
Zawya
16-07-2025
- Zawya
UAE: FTA emphasises prompt corporate tax registration to benefit from penalty waiver
The Federal Tax Authority (FTA) confirmed an increase in the number of beneficiaries from the Corporate Tax Late Registration Penalty Waiver initiative applicable to Taxable Persons and certain categories of Exempt Persons required to register with the FTA who were late in submitting their Corporate Tax registration applications within the deadline. The FTA clarified that in order to be exempt from the AED10,000 'Late Registration Penalty' for Corporate Tax, Taxable Persons (or Exempt Persons required to register) must submit their Tax Return (or annual declaration) no later than seven months from the end of their first Tax Period (or the first Financial Year), instead of nine months. The Late Registration Penalty Waiver initiative applies only to the first Tax Period of the Taxable Person (or Exempt Person required to register), regardless of whether the due date of the first Tax Return (or annual declaration) was before or after the new decision came into effect. Khalid Ali Al Bustani, Director General of the FTA, emphasised the importance of the non-registered Corporate Tax Taxable Persons to submit their Corporate Tax registration applications to the FTA, followed by the submission of Tax Returns through the 'EmaraTax' platform. He highlighted that meeting the deadlines allows eligible Taxable Persons and certain Exempt Persons—who are required to register—to benefit from the UAE Cabinet Decision on the administrative penalties waiver initiative, which exempts them from fines related to delays in Corporate Tax registration. Al Bustani added, 'This important initiative comes as part of the comprehensive strategy to support business sectors and encourage voluntary compliance with tax laws and procedures to avoid Administrative Penalties. This contributes to promoting economic growth, ensuring tax transparency and fairness within a legislative environment that keeps pace with developments through sustainable improvement, while maintaining performance quality and managing the tax system with the highest levels of efficiency and accuracy.' He stated, 'It is clear that the initiative to waive the Late Registration Penalty is incentivising many registrants for Corporate Tax as we note an increase in the number of Corporate Tax registrations to 576,000 – up from 538,000 registrants before the launch of the waiver initiative, in April 2025. This resulted in an increase of 38,000 additional registrations, as thousands of Corporate Tax registrants have submitted their Tax Return and annual declaration within the specified deadline to benefit from the Late Registration Waiver.' Al Bustani said that these indicators are a clear reflection of the initiative's success, which shows how the awareness on tax compliance and procedures is growing across all business sectors, in the UAE. The FTA is keen to continue engaging with the business community through various awareness channels, as well as to seek taxpayers' views and discuss ways to overcome any challenges they may face. Furthermore, the authority is intensifying its efforts, in cooperation with the relevant entities, to raise awareness about the importance of the initiative and the need for non-registered Corporate Tax Taxable Persons to benefit from the waiver initiative.
