Latest news with #Dh370
Khaleej Times
20-05-2025
- Business
- Khaleej Times
Ras Al Khaimah's property outlook remains bullish, fuelled by healthy demand
The outlook for Ras Al Khaimah's property market is very promising, fuelled by the Emirate's growing reputation as both an investment hub and a tourism destination. With continued government support, infrastructure upgrades, and a clear lifestyle proposition, the market is seeing healthy demand across residential, hospitality, and mixed-use segments. RAK Properties, the emirate's leading publicly listed property developer is playing a key role in shaping this momentum. The company currently has over Dh5 billion worth of developments in the pipeline, more than 3,000 units under construction, and over 800 handovers planned in 2025, its busiest year yet. RAK Properties had a strong start to 2025, with performance in Q1 reflecting a mix of solid delivery, smart project rollout, and healthy investor demand. Revenue rose by 28 per cent year-on-year to Dh370 million, while profit before tax increased by 64 per cent to Dh74 million, which is a clear indication of the momentum building across the business. 'This growth is being driven by strong uptake across new launches, particularly branded and waterfront developments like Mirasol and SKAI, as well as steady construction progress across our active pipeline. In fact, the company sold 503 units during the quarter, which is the highest quarterly figure to date, with sales valued at Dh839 million,' Sameh Muhtadi, CEO of RAK Properties, told Khaleej Times in an interview. There's also a healthy forward pipeline, with a development backlog of Dh2.33 billion, giving strong visibility into future revenue. 'On the operational side, we've been scaling up too by expanding our team by 31 per cent and rolling out a fully digital SPA process to simplify and enhance the customer journey. All of this supports a bigger picture: we're entering one of the most transformational phases in the company's 20-year history, and Q1 has set the tone for what's to come,' Muhtadi said. Flagship projects like Mina are helping redefine the waterfront experience in Ras Al Khaimah, blending luxury living with retail, hospitality, and leisure in one integrated destination. Branded residences and resort-style offerings are attracting a new wave of residents and investors looking for value, lifestyle, and long-term potential. 'We're also seeing more international names entering the market, brands like Four Seasons, Anantara, and Nikki Beach are anchoring some of the most exciting new developments. That kind of global interest signals real momentum in the luxury and branded property space,' Muhtadi said. RAK Properties reported revenue of Dh370 million 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. Profit before tax rose to Dh74 million, up 64 per cent year-on-year, while Ebitda increased to Dh107 million — underscoring improved margins and operational leverage. The company maintained a solid financial position, with total assets reaching Dh8.15 billion and equity rising to Dh5.59 billion. As of 31 March 2025, the development backlog stood at Dh2.33 billion, offering strong visibility into future revenues. With new infrastructure like the upcoming hydrofoil service to Dubai and a fully equipped marina and yacht club, RAK is becoming more connected and more attractive than ever. 'All of this positions the Emirate as one of the UAE's most dynamic and fast-evolving real estate markets,' Muhtadi said. RAK Properties is actively working to merge real estate with hospitality to deliver community experiences. 'This approach is evident in Mina, our flagship waterfront destination, where hospitality brands and residential developments coexist in a vibrant, experience-led setting,' Muhtadi said. A standout example is the upcoming Anantara Mina Residences, where homeowners not only enjoy luxury beachfront living but also have the option to participate in a hotel-managed rental programme that blends long-term investment with access to five-star hospitality. 'We're also introducing other leading global names like Nikki Beach Resort & Spa, whose presence elevates the overall destination offering and strengthens Mina's position as a lifestyle hub. Beyond branded offerings, we're embedding hospitality-inspired living across our wider residential portfolio. Most of our upcoming projects are being designed with a focus on resort-style amenities, wellness spaces, concierge services, and curated communal areas which give residents a day-to-day experience that mirrors the feel of a high-end retreat,' Muhtadi said.
Gulf News
30-04-2025
- Business
- Gulf News
Dubai gold price is steady - and that's perfect for shoppers on 'Akshaya Trithiya'
Dubai: The Dubai Gold Rate is unchanged for a second consecutive day at Dh369 for a gram of 22K and sets up what will be one of the busiest sales day for gold shopping in the UAE in 2025. This is also the lowest gold rate since April 23, when it was Dh368. So, the stage is set for the Indian festival of 'Akshaya Trithiya', where gold buying is one of the traditions that need to be done. And a lot of expat Indians in the UAE have already done their part. 'Yes, there had been some fairly heavy pre-bookings from the moment Dubai gold rate dropped below Dh370 a gram,' said Abdul Salam K.P., Vice-Chairman of Malabar Gold & Diamonds, which is offering 150mg gold coins for each purchase of Dh3,000. 'What we are seeing is that because of the higher gold prices, most of the buying has shifted to lighter weight gold pieces, typically between 10-15 grams. But the most important thing is they are still buying despite the prices. 'The more budget-conscious shoppers are directly going for gold coins and bars, where the making charges are minimal." The feedback from gold retailers is that by close of business today, they will have had more shoppers in the stores, but the actual volume of gold sold might still be lower. But retailers will take it any which way it turns out. 'Huge relief' As for shoppers, the sentiment is one of relief. A good number of Indian expats buy for 'Akshaya Trithiya' because that's the done thing to do. "We would have bought whatever the price, but there's relief because today, we will need to pay only at Dh369 a gram rather than the Dh380 plus of April 21," said a shopper who is all set to head out to a store as soon as it opens.
Gulf News
25-04-2025
- Business
- Gulf News
Dubai gold price sticks to Dh370 plus levels - more UAE shoppers opt for 'monthly instalments'
Dubai: The Dubai gold rate continues to stick to over Dh370 for a gram of 22K (and Dh440 plus for 24K) – but that has not prevented UAE's resident-shoppers to see what they can do to make best use of the near-peak prices. In recent days, more of them are signing up for the monthly gold instalment schemes offered by leading jewellers here. The average monthly instalments are in the Dh1,000-Dh2,000 range, but shopper-investors can even go below Dh1,000 to make a start. At the end of a certain period, they can recoup those payments in any form of gold they want – coins, bars or jewellery and with the retailers throwing in some incentives of their own. 'The monthly instalment schemes have been the most popular option with UAE residents, especially after gold hit $3,500 an ounce,' said a jewellery retailer who is giving the instalment option. Essentially, these shoppers are only 'delaying' their next purchase of gold until such time they feel prices have dropped to levels they are comfortable with. 'We even have non-residents who are regular visitors to the UAE opting to sign up for the instalment plans,' said the retailer. 'For many it's a realisation that rather than random gold buys, it makes better sense to build their way to the grams or jewellery they want.' Shoppers turn 'investors' For more than a year now, jewellery retailers and entities such as World Gold Council have been saying that shoppers in the UAE and Gulf have 'refined' their ways in buying the metal. Which explained why gold bars and coin sales did remarkably well even as overall jewellery sales fell during 2024, according to World Gold Council data. And the process only got bigger with gold prices going its merry way towards $3,500 an ounce, which meant that the Dubai gold rate hit a peak of Dh388 a gram for 22K and Dh412 for 24K. "Google search data reveal that 'Buy Gold' search queries have reached a 5-year high from UAE-based searchers," said James Campion of the trading platform eToro. "This surge in online interest reflects growing consumer confidence in gold as a safe-haven asset despite elevated prices. "The Dubai gold rate has experienced an extraordinary journey since breaking through the Dh300 milestone in October 2024. "In less than six months, prices have increased by more than 30% - outperforming most other investment assets during the same period."
Gulf News
19-04-2025
- Business
- Gulf News
Dubai gold price sticks to high level for weekend as 'smart money' goes into bars
Dubai: Anyone shopping for precious jewellery this weekend will find the Dubai Gold Rate is just Dh1 lower than the record Dh372.25 a gram for 22K hit on April 16. And on the 24K gram, it's back to slightly over Dh400. This will come as a disappointment for those shoppers who had been hoping that prices would remain under Dh370 a gram for 22K, as it did for the better part of yesterday (April 18). Even at current never seen before levels, there are still UAE based shoppers who picking up gold – and they are 'smart money' into gold bars and, if not, coins. 'There are shoppers who would never have thought of buying anything other than gold jewellery now insisting on buying gold bars,' said Shamlal Ahmed, Managing Director of Malabar Gold & Diamonds. 'Whenever these regular gold shoppers find they have money to spare, they are putting it into bars. 'Currently, 30% of our UAE shoppers are opting for bars and coins, whereas just months ago, that tally was at 8%. We have never seen such a switch happen.' Other jewellery retailers have more or less the same feedback to share. 'A sizable number of shoppers – those making regular investments in gold – do not want to spend on jewellery making charges right now,' said a jeweller, who operates outlets in the Dubai Gold Souq as well as at some of the prestigious malls in the city. 'So, they point to the gold bar – in the size they want – and that's it. The best part is they also save on making charges.' Gold is the new currency A lot of the retail level demand for the metal is centered around where prices might end up next. This weekend, bullion is at $3,315 an ounce, well below the $3,350 it touched midway through this week. 'For gold prices to unwind, world's central banks need to halt their buying spree – but that somehow seems unlikely to happen,' said Ahmed. 'So, naturally, the forecasts are for gold to push its way towards $3,700 sometime this year. 'That's why shoppers are putting their faith in bars and coins, where they see the possibility of further gains from present levels.' Watch out for 'profit-taking' At some point, global funds with sizable gold holdings could go in for some selling on their positions. That would trigger a drop in prices, to what levels is anyone's guess right now. Any drop to around $2,900 levels would be a positive for shoppers.
