Latest news with #Muhtadi
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.
Arabian Business
01-05-2025
- Business
- Arabian Business
RAK Properties in ‘advanced discussions' with ultra-luxury brands for new eco-resort partnerships, CEO says
RAK Properties PJSC is in 'advanced discussions' with multiple international ultra-luxury and eco-resort brands as part of its strategic pivot to transform Ras Al Khaimah into a global tourism destination, according to CEO Sameh Muhtadi. 'We're in advanced discussions with a few more international brands, particularly in the ultra-luxury and eco-resort space,' Muhtadi told Arabian Business at the Arabian Travel Market in Dubai. 'Ras Al Khaimah's positioning around nature and wellness makes it the perfect setting for these kinds of experiences.' The company's expansion of brand partnerships follows existing collaborations with Four Seasons, Minor Hotels' Anantara brand, Ellington, and Nikki Beach. Muhtadi indicated that new partnership announcements should be expected 'in the coming months,' without disclosing specific brands. RAK's AED5 billion masterplan The developer is intensifying its investment in the emirate's tourism sector with an AED5 billion masterplan for Mina, its flagship island destination. This comprehensive development will introduce a substantial number of new residential projects in 2025. 'In this year alone, we're planning to launch 12 new residential projects across Mina, as well as announce exciting partnerships covering residential, hospitality, and leisure,' Muhtadi said. Several key developments, including Bay Residences 1 and 2 are approaching completion, while projects such as Cape Hayat, Quattro Del Mar, and Bay Views continue to progress, according to the CEO. The Mina development represents a shift in RAK Properties' approach, moving beyond traditional residential developments to create 'vibrant, experience-led communities' that incorporate hospitality elements, waterfront retail, marina facilities, and resort experiences. 'We're creating not just a luxury hotel, but also a collection of private residences serviced by Four Seasons,' Muhtadi explained, describing the company's branded residence strategy. 'It's a full extension of the five-star hospitality experience into daily living.' Record delivery target for anniversary year The company has set ambitious delivery targets coinciding with its 20th anniversary this year, with plans to hand over more than 800 units in 2025 — a record for the developer. '2025 marks our 20th anniversary, and we're on track to deliver over 800 units — making it one of our most active years yet,' Muhtadi said. This acceleration aligns with RAK Properties' evolving business model, which increasingly focuses on hospitality-infused developments that target both residents and tourists. Recent launches like SKAI on Mina's Raha Island emphasise this approach by offering a 'wellness-driven, active lifestyle' according to Muhtadi. The company is also broadening its development model beyond traditional residential projects. 'We see strong potential in standalone resort communities — places where leisure, wellness, and entertainment drive the overall lifestyle,' Muhtadi said. RAK Properties' strategic shift supports the broader vision for Ras Al Khaimah, which has been working to position itself as a premium tourism destination. The emirate offers developers a unique landscape that combines beaches, mountains, and desert environments. According to Muhtadi, RAK Properties is seeing 'strong interest from buyers across multiple markets, including the GCC, Russia & CIS, western Europe and the Indian subcontinent.'
ME Construction
14-02-2025
- Business
- ME Construction
Nantong Construction Group appointed to build Porto Playa project
Construction Nantong Construction Group appointed to build Porto Playa project By Porto Playa will offer mix of studios, apartments, townhouses, and villas, all optimised using advanced AI technology Ellington Properties and RAK Properties have announced the appointment of Nantong Construction Group as the main contractor for Porto Playa, a US $84.32mn waterfront development on Hayat Island. Scheduled for completion in Q4 2026, the project will set a new benchmark for quality and innovation in coastal living. With a focus on quality in construction with its expertise in delivering large-scale developments, Nantong Construction Group will leverage a variety of construction techniques and engineering standards to ensure Porto Playa is built to the highest quality, said a statement. Sameh Al Muhtadi, CEO of RAK Properties stated, 'Hayat Island, a key component of our recently unveiled Mina masterplan, represents the future of waterfront living in Ras Al Khaimah. By partnering with Nantong Construction Group, a global leader in construction, and Ellington Properties, renowned for design excellence, Porto Playa will stand as a testament to what collaboration can achieve.' 'This development embodies precision, innovation, and a resident-centric approach, setting new standards in the real estate landscape of the emirate. We are seeing strong demand within Mina, which is at the forefront of our growth and transformation agenda, and with Porto Playa we look forward to continuing our success in delivering homes on, or ahead of, schedule,' Muhtadi added. Joseph Thomas, Co-Founder of Ellington Properties added, 'Porto Playa is not just another development—it's a statement of excellence and innovation. The appointment of Nantong Construction Group reflects our commitment to delivering superior quality and meticulous craftsmanship. Their expertise ensures that Porto Playa will not only meet but exceed expectations, becoming a landmark that transforms Hayat Island into a premier destination.' Porto Playa will offer a curated mix of studios, apartments, townhouses, and villas, all optimised using advanced AI technology to provide views of the Arabian Gulf and island landscapes.
Zawya
06-02-2025
- Business
- Zawya
RAK Properties targets $1.36bln sales in 2025
ADX-listed RAK Properties expects to sell nearly 5 billion UAE dirhams ($1.36 billion) worth of properties to individuals in 2025, its CEO said on Thursday. 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)
