Latest news with #AbdulazizAbdullahAlZaabi
Trade Arabia
10-05-2025
- Business
- Trade Arabia
RAK Properties Q1 revenue tops $100m
RAK Properties has reported a revenue of AED370 million ($100.74 million) in Q1 2025, reflecting an increase of 28% compared to the same period in 2024. The growth was primarily driven by continued on-site development progress across multiple residential projects and strong uptake across new launches. Profit before tax rose to AED74 million, up 64% year-on-year, while EBITDA increased to AED107 million — underscoring improved margins and operational leverage. The company maintained a solid financial position, with total assets reaching AED8.15 billion and equity rising to AED5.59 billion. As of 31st March 2025, the development backlog stood at AED2.33 billion, offering strong visibility into future revenues. Sales volumes remained healthy, with 503 units sold in Q1 valued at AED839 million — marking more units sold than any other quarter — and reflecting sustained demand across both end-user and investor segments. Abdulazis Abdullah Al Zaabi, Chairman of RAK Properties, said: 'RAK Properties continues to deliver at a pace that reflects the strength of its vision and the depth of its operational readiness. As we mark 20 years since our establishment, we do so, not with nostalgia, but with clarity of purpose — building communities that contribute to Ras Al Khaimah's transformation into a globally competitive destination for investment, tourism and quality living. 'This quarter reflects our growth maturity - delivering scale, attracting global partners, and supporting the Emirate's broader economic ambitions. We will continue to move forward with a disciplined strategy that prioritises value creation, delivery excellence, and long-term investor trust.' Sameh Muhtadi, CEO of RAK Properties, commented: '2025 is shaping up to be a transformational year. With more than 800 handovers planned and over 3,000 units currently under construction, we are delivering across multiple fronts while maintaining strong financial discipline. "This performance reflects not only our delivery momentum but also a notable strengthening of our financial fundamentals — with improved margins and disciplined cost management positioning us for sustained growth.' He added: 'In Q1, we activated key phases of the Mina masterplan, deepened our pipeline with high-performing hospitality and residential launches, and scaled our team to meet rising operational demands. We are focused on delivery, differentiation and unlocking long-term growth. This performance is only the start of what we intend to achieve this year.'
Mid East Info
09-05-2025
- Business
- Mid East Info
RAK Properties Delivers Strong Q1 2025 Results As Delivery Scale And Strategic Pipeline Define Its 20th Anniversary Year
RAK Properties (ADX: RAKPROP), Ras Al Khaimah's leading publicly listed property developer, today announced its financial results for the first quarter of 2025. The results mark a strong start to a milestone year in which the Company celebrates two decades of growth, underpinned by delivery, discipline and destination-making. The quarter was characterised by, strong sales, expansion of the development pipeline, and continued investor confidence across key launches. As Ras Al Khaimah accelerates its trajectory as a global investment hub, RAK Properties is demonstrating its role as a performance-led developer with a long-term strategic outlook. STRONG Q1 2025 FINANCIAL PERFORMANCE RAK Properties reported revenue of AED 370 million in Q1 2025, reflecting an increase of 28% compared to the same period in 2024. The growth was primarily driven by continued on-site development progress across multiple residential projects and strong uptake across new launches. Profit before tax rose to AED 74 million, up 64% year-on-year, while EBITDA increased to AED 107 million — underscoring improved margins and operational leverage. The Company maintained a solid financial position, with total assets reaching AED 8.15 billion and equity rising to AED 5.59 billion. As of 31 March 2025, the development backlog stood at AED 2.33 billion, offering strong visibility into future revenues. Sales volumes remained healthy, with 503 units sold in Q1 valued at AED 839 million — marking more units sold than any other quarter — and reflecting sustained demand across both end-user and investor segments. 20 YEARS OF IMPACT, A YEAR OF DELIVERY Abdulaziz Abdullah Al Zaabi, Chairman of RAK Properties, said: 'RAK Properties continues to deliver at a pace that reflects the strength of its vision and the depth of its operational readiness. As we mark 20 years since our establishment, we do so, not with nostalgia, but with clarity of purpose — building communities that contribute to Ras Al Khaimah's transformation into a globally competitive destination for investment, tourism and quality living. 'This quarter reflects our growth maturity – delivering scale, attracting global partners, and supporting the Emirate's broader economic ambitions. We will continue to move forward with a disciplined strategy that prioritises value creation, delivery excellence, and long-term investor trust.' Sameh Muhtadi, CEO of RAK Properties, commented: '2025 is shaping up to be a transformational year. With more than 800 handovers planned and over 3,000 units currently under construction, we are delivering across multiple fronts while maintaining strong financial discipline. This performance reflects not only our delivery momentum but also a notable strengthening of our financial fundamentals — with improved margins and disciplined cost management positioning us for sustained growth. 'In Q1, we activated key phases of the Mina masterplan, deepened our pipeline with high-performing hospitality and residential launches, and scaled our team to meet rising operational demands. We are focused on delivery, differentiation and unlocking long-term growth. This performance is only the start of what we intend to achieve this year.' DELIVERY MILESTONES AND CONSTRUCTION UPDATES Construction continues on over 3,000 units across active developments, with more than 800 handovers scheduled in 2025. Flagship projects, such as Bay Residences, Granada II, Cape Hayat, and the now-completed Gateway 2, are progressing steadily. Projects including Bay Views, Edge, and Quattro Del Mar are also advancing through key construction phases, with major contracts awarded and site works underway. MINA: FROM VISION TO DESTINATION In Q1, RAK Properties advanced the transformation of the Mina masterplan into a fully integrated lifestyle destination. Backed by an AED 5 billion development pipeline, Mina continues to evolve as a strategic pillar of Ras Al Khaimah's tourism and investment vision, blending residential, retail, hospitality and waterfront infrastructure. A landmark agreement was signed with Four Seasons to develop a luxury resort and branded residences — marking the brand's first presence in the Emirate. Further partnerships include Nikki Beach, which will launch Nikki Beach Resort & Spa Ras Al Khaimah at Mina, and Porto Playa by Ellington, introducing a new design-focused residential offering. The strategic roll-out of branded offerings at Mina reflects the Company's focus on driving the luxury segment within its portfolio. These high-impact partnerships are designed to anchor Mina as a premium waterfront address, support long-term value creation, and elevate the Emirate's appeal to global investors. Product launches in Q1 included Mirasol, a resort-inspired waterfront community, and SKAI, a contemporary residential tower in the Harbour District, both generating strong investor interest. A key placemaking milestone was the unveiling of Mina Boulevard, a curated retail and dining promenade designed to activate the community year-round. Enhanced connectivity, including a forthcoming hydrofoil service linking Ras Al Khaimah to Dubai, and a fully integrated marina and yacht club, further positions Mina as a compelling destination for residents and visitors. ORGANISATIONAL STRENGTH AND LEADERSHIP GROWTH Additionally, the Company RAK Properties expanded its workforce by 31%, bringing in new talent across engineering, development, sales, and customer service, thereby reinforcing internal capacity and aligning the organisation for future growth. RAK Properties also introduced a fully digital Sales and Purchase Agreement (SPA) process in Q1 2025, streamlining transactions and enhancing the customer journey as part of its broader operational excellence drive. POST PERIOD & LOOKING AHEAD RAK Properties has started Q2 with the release of its luxury branded Anantara Mina Ras Al Khaimah Residences product. Comprising a collection of 19 villas and 84 apartments, located on the waterfront of Hayat Island, and offering the option for investors to place their units into the hotel rental pool, sales commenced on 28th April. The Anantara Mina Ras Al Khaimah Residences boast a full range of a la carte services and five star resort level amenities. The launch of Anantara Mina Ras Al Khaimah Residences has been closely followed by the launch of ENTA – a new residential concept, also on Hayat Island. Comprising 119 furnished apartments and featuring a concept store, co-working space, library and residents lounge, sales commenced on 5th May. With strong fundamentals, an expanding portfolio and a deepening network of strategic partnerships, RAK Properties is well-positioned to deliver long-term value for shareholders. In line with this ambition, the Company has appointed Arqaam Capital to support with ongoing strategic initiatives and capital market engagement. As Ras Al Khaimah accelerates its transformation into a globally competitive destination for investment, lifestyle, and tourism, RAK Properties remains at the forefront — activating integrated communities, shaping new economic hubs, and contributing to the Emirate's wider growth agenda.
Arabian Business
08-05-2025
- Business
- Arabian Business
Ras Al Khaimah real estate: RAK Properties reports $101m Q1 revenue amid record sales
Ras Al Khaimah real estate developer RAK Properties reported revenue of AED370m ($101m) in Q1 2025, reflecting an increase of 28 per cent compared to the same period in 2024. The growth was primarily driven by continued on-site development progress across multiple residential projects and strong uptake across new launches. The results mark a strong start to a milestone year in quarter characterised by strong sales, expansion of the development pipeline, and continued investor confidence across key launches. RAK Properties Ras Al Khaimah real estate Profit before tax rose to AED74m ($20.1m), up 64 per cent year-on-year, while EBITDA increased to AED107m ($29.1m) — underscoring improved margins and operational leverage. The Company maintained a solid financial position, with total assets reaching AED8.15bn ($2.2bn) and equity rising to AED5.59bn ($1.5bn). As of March 31, 2025, the development backlog stood at AED2.33bn ($634m), offering strong visibility into future revenues. Sales volumes remained healthy, with 503 units sold in Q1 valued at AED839m ($228.4m) — marking more units sold than any other quarter and reflecting sustained demand across both end-user and investor segments. Abdulaziz Abdullah Al Zaabi, Chairman of RAK Properties, said: 'RAK Properties continues to deliver at a pace that reflects the strength of its vision and the depth of its operational readiness. As we mark 20 years since our establishment, we do so, not with nostalgia, but with clarity of purpose — building communities that contribute to Ras Al Khaimah's transformation into a globally competitive destination for investment, tourism and quality living. 'This quarter reflects our growth maturity – delivering scale, attracting global partners, and supporting the Emirate's broader economic ambitions. We will continue to move forward with a disciplined strategy that prioritises value creation, delivery excellence, and long-term investor trust.' Sameh Muhtadi, CEO of RAK Properties, said: '2025 is shaping up to be a transformational year. With more than 800 handovers planned and over 3,000 units currently under construction, we are delivering across multiple fronts while maintaining strong financial discipline. 'This performance reflects not only our delivery momentum but also a notable strengthening of our financial fundamentals — with improved margins and disciplined cost management positioning us for sustained growth. 'In Q1, we activated key phases of the Mina masterplan, deepened our pipeline with high-performing hospitality and residential launches, and scaled our team to meet rising operational demands. We are focused on delivery, differentiation and unlocking long-term growth. This performance is only the start of what we intend to achieve this year.' RAK Properties Q1 Ras Al Khaimah highlights Construction continues on more than 3,000 units across active developments, with more than 800 handovers scheduled in 2025. Flagship projects, such as Bay Residences, Granada II, Cape Hayat, and the now-completed Gateway 2, are progressing steadily. Projects including Bay Views, Edge, and Quattro Del Mar are also advancing through key construction phases, with major contracts awarded and site works underway. In Q1, RAK Properties advanced the transformation of the Mina masterplan into a fully integrated lifestyle destination. Backed by a AED5bn ($1.4) development pipeline, Mina continues to evolve as a strategic pillar of Ras Al Khaimah's tourism and investment vision, blending residential, retail, hospitality and waterfront infrastructure. A landmark agreement was signed with Four Seasons to develop a luxury resort and branded residences — marking the brand's first presence in the Emirate. Further partnerships include Nikki Beach, which will launch Nikki Beach Resort and Spa Ras Al Khaimah at Mina, and Porto Playa by Ellington, introducing a new design-focused residential offering. The strategic roll-out of branded offerings at Mina reflects the Company's focus on driving the luxury segment within its portfolio. These high-impact partnerships are designed to anchor Mina as a premium waterfront address, support long-term value creation, and elevate the Emirate's appeal to global investors. Product launches in Q1 included Mirasol, a resort-inspired waterfront community, and SKAI, a contemporary residential tower in the Harbour District, both generating strong investor interest. A key placemaking milestone was the unveiling of Mina Boulevard, a curated retail and dining promenade designed to activate the community year-round. Enhanced connectivity, including a forthcoming hydrofoil service linking Ras Al Khaimah to Dubai, and a fully integrated marina and yacht club, further positions Mina as a compelling destination for residents and visitors. Additionally, RAK Properties expanded its workforce by 31 per cent, bringing in new talent across engineering, development, sales, and customer service, thereby reinforcing internal capacity and aligning the organisation for future growth. Ras Al Khamah real estate in Q2 2025 RAK Properties has started Q2 with the release of its luxury branded Anantara Mina Ras Al Khaimah Residences product. Comprising a collection of 19 villas and 84 apartments, located on the waterfront of Hayat Island, and offering the option for investors to place their units into the hotel rental pool, sales commenced on April 28. The Anantara Mina Ras Al Khaimah Residences boast a full range of a la carte services and five-star resort level amenities. The launch of Anantara Mina Ras Al Khaimah Residences has been closely followed by the launch of ENTA – a new residential concept, also on Hayat Island. Comprising 119 furnished apartments and featuring a concept store, co-working space, library and residents lounge, sales commenced on 5th May. With strong fundamentals, an expanding portfolio and a deepening network of strategic partnerships, RAK Properties is well-positioned to deliver long-term value for shareholders.
Mid East Info
13-03-2025
- Business
- Mid East Info
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.
Zawya
13-03-2025
- Business
- Zawya
RAK Properties reinforces long-term growth strategy at AGM
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. Ras Al Khaimah, UAE: 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.
