RAK Properties targets $1.36bln sales in 2025
The Ras Al-Khaimah-based developer also sees the next 3-4 years as a 'golden period' as it will develop more land plots following a RAK government decision to increase its shareholding in the company, Sameh Muhtadi said.
He told CNBC Arabia satellite news TV that the company enjoys a good liquidity position despite its debt of around AED3 billion ($817 million).
'We have a plan to sell properties worth nearly AED5 billion to individual investors this year….the company is also concentrating on accelerating the execution and delivery of its projects,' Muhtadi said.
The CEO said there is a big demand by local and foreign investors for property in Ras Al-Khaimah because 'the RAK property market is attractive compared with other areas given its affordable prices.'
'Development activities on RAK coast are huge…this is encouraging the Company to intensify its operations especially after the Ggovernment decided to increase its stake and provide additional land for fresh projects,' he said.
'We are optimistic that the next 3-4 years will be a golden period for the Company…the Government's decision has provided an opportunity for the Company to start development of more property this year.'
RAK Properties posted 40 percent 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 percent to AED 308 million compared to AED 202 million for the same period last year. Net profit grew 32 percent to AED 280 million, compared to AED 202 million in 2023. Development backlog stood at AED 1.9 billion as at 31st December 2024.
Last month, the company had announced a $1.4 billion development plan for 2025, and launched the new year's first project, Mirasol.
(Writing by Nadim Kawach; Editing by Anoop Menon)
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