Latest news with #SKAI
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.
Business Mayor
17-05-2025
- Business
- Business Mayor
Outrage in Greece after Adidas advert shows drone shoe ‘kicking' Acropolis
Greece is taking legal action after authorities were caught unaware by the fifth-century BC Acropolis playing a star role in an Adidas advertising campaign. The decision to feature the western world's enduring symbol of democracy for commercial purposes in a hi-tech drone show has left Athens with no choice but to press charges, the country's culture minister said. 'The legal procedure wasn't followed,' Lina Mendoni told SKAI radio. 'This very bad, extremely unpleasant image is as if the Adidas shoe is kicking the Acropolis, aesthetically that is.' The culture ministry had taken the step of filing a lawsuit 'against anyone and everyone responsible'. 'Essentially, we have an advertisement which aims at the commercial exploitation of the specific monuments,' she said, insisting the video's backdrop use of the Unesco world heritage site violated strict laws protecting the nation's rich archaeological legacy. By Saturday the Athens prosecutor's office had opened an investigation into the procedure by which the sport retailer had acquired permits to stage the drone show. Both the ministry of culture and the finance ministry have sought clarification from the Civil Aviation Authority, the body in charge of dispensing aerial permits in line with EU regulations. The drone display, which reportedly took place late on Thursday, was launched from the neo-classical premises of the Zappeion conference centre in central Athens. A state-appointed commission, overseen by the national economy ministry, manages events at the Zappeion. 'Here we have another monument, a newer monument, whose administration, if nothing else, should have sought approval from the ministry of culture before granting permission,' Mendoni, a classical archaeologist herself, added. 'Here, too, we have a breach of archaeological law.' Read More Even as pope, Leo XIV might have to deal with U.S. tax returns As the images circulated via social media and public outrage grew, Adidas hit back, saying Greek legislation had been meticulously followed. 'All required permits were received and adhered to,' the German company said in an email statement cited by Reuters on Friday. 'No image of the Acropolis monument was used by Adidas for advertising or other purposes.' In a nation where the ancient past often weighs heavily, the political opposition have had a field day questioning the centre-right government's role in the furore. 'The Acropolis, a global symbol of culture and democracy, cannot be treated as a backdrop for commercial use,' said the opposition Pasok party, accusing the government of negligence. 'Serious questions arise about the role and responsibility of the culture ministry.' The leftwing Syriza party deplored the advertisement, describing it as the 'commodification of Greece's cultural heritage'. 'The image of a sports shoe 'stepping' on the Acropolis, created using a drone swarm for advertising purposes, constitutes an offensive commercialisation of the core of our cultural heritage,' it said. Management of the Acropolis, Greece's most visited attraction, is particularly sensitive because of the acrimonious debate that has long raged over artefacts, not least the Parthenon sculptures, removed from the site. With half of the temple's famous frieze housed in the British Museum, Greek officials tread a fine line in the campaign to win the treasures back. Only weeks ago, the Greek culture ministry provoked outcry when it rejected a request from the country's leading contemporary director, the Oscar-winning Yorgos Lanthimos, to end his latest movie Bugonia on the monument. The proposed scenes were deemed 'incompatible with the symbolism … and the values the Acropolis represents'. Social media this weekend was replete with criticism from users posting: 'No to Yorgos Lanthimos. Yes to Adidas. No to art, yes to money.'
Mid East Info
09-04-2025
- Business
- Mid East Info
RAK PROPERTIES APPOINTS ARQAAM SECURITIES AS LIQUIDITY PROVIDER - Middle East Business News and Information
RAS AL KHAIMAH, UAE – 08 APRIL 2025: RAK Properties PJSC (ADX: RAKPROP), Ras Al Khaimah's leading publicly listed property developer, today announced the appointment of Arqaam Securities LLC as the Liquidity Provider for its shares on the Abu Dhabi Securities Exchange (ADX). Arqaam Securities, a regional financial institution regulated by the UAE Securities and Commodities Authority (SCA), will actively manage liquidity for RAK Properties' shares by maintaining two-way quotes within a structured mandate, in addition to initiating research coverage on the Company. The agreement is designed to optimize price discovery and narrow bid-ask spreads, ensuring efficient trading. Arqaam Securities' ownership in RAK Properties will not exceed 5% of total listed shares, in full compliance with ADX and SCA regulations. The appointment, approved by RAK Properties' Board of Directors, is a strategic step to enhance market depth and accessibility for institutional and retail investors. With foreign ownership permitted up to 49%, RAK Properties remains committed to fostering an active and liquid trading environment. Sameh Muhtadi, Chief Executive Officer, RAK Properties, commented: 'Ensuring robust market liquidity is central to our commitment to delivering long-term shareholder value. Partnering with Arqaam Securities, a recognized leader in liquidity provision, aligns with our efforts to enhance trading efficiency and market accessibility for investors. As increasing numbers of institutional and retail investors look not only to the Emirate of Ras Al Khaimah, but also its major listed entities, it is crucial that we engage with partners who can support our ambitious growth targets. ' Veselin Tilev, Head of Market Making at Arqaam Securities, stated: 'We appreciate the trust placed in us by RAK Properties and look forward to leveraging our expertise to enhance liquidity and optimize market dynamics on ADX. Our dedicated market-making services are designed to support active and efficient trading, reinforcing investor engagement with RAK Properties' shares.' RAK Properties has set out a clear plan for ambitious growth in 2025. In January it unveiled its masterplan for Mina, the Company's flagship destination, for which it has a AED 5 billion GDV pipeline to be launched this year. The first two projects within this launch plan, Mirasol and SKAI have been launched to great success in Q1. Alongside this, RAK Properties announced its partnership with Four Seasons to bring a beachfront luxury resort and branded residences to Mina.
Zawya
09-04-2025
- Business
- Zawya
RAK Properties picks Arqaam as liquidity provider at ADX
RAK Properties, a leading publicly listed property developer in Ras Al Khaimah, has announced the appointment of Arqaam Securities as the liquidity provider for its shares on the Abu Dhabi Securities Exchange (ADX). Arqaam Securities is a regional financial institution regulated by the UAE Securities and Commodities Authority (SCA) which will actively manage liquidity for RAK Properties' shares by maintaining two-way quotes within a structured mandate, in addition to initiating research coverage on the company. The agreement is designed to optimize price discovery and narrow bid-ask spreads, ensuring efficient trading. Arqaam Securities' ownership in RAK Properties will not exceed 5% of total listed shares, in full compliance with ADX and SCA regulations, it stated. The appointment, approved by RAK Properties' Board of Directors, is a strategic step to enhance market depth and accessibility for institutional and retail investors, said the Emirati developer in a statement. With foreign ownership permitted up to 49%, RAK Properties remains committed to fostering an active and liquid trading environment, it stated. CEO Sameh Muhtadi said: "Ensuring robust market liquidity is central to our commitment to delivering long-term shareholder value. Partnering with Arqaam Securities, a recognized leader in liquidity provision, aligns with our efforts to enhance trading efficiency and market accessibility for investors." "As increasing numbers of institutional and retail investors look not only to the Emirate of Ras Al Khaimah, but also its major listed entities, it is crucial that we engage with partners who can support our ambitious growth targets," he stated. Veselin Tilev, Head of Market Making at Arqaam Securities, said: "We appreciate the trust placed in us by RAK Properties and look forward to leveraging our expertise to enhance liquidity and optimize market dynamics on ADX. Our dedicated market-making services are designed to support active and efficient trading, reinforcing investor engagement with RAK Properties' shares." RAK Properties said it has set out a clear plan for ambitious growth in 2025. In January it unveiled its masterplan for Mina, the company's flagship destination, for which it has a AED5 billion GDV pipeline to be launched this year. The first two projects within this launch plan, Mirasol and SKAI have been launched to great success in Q1. Alongside this, RAK Properties announced its partnership with Four Seasons to bring a beachfront luxury resort and branded residences to Mina, it added.- TradeArabia News Service
Trade Arabia
08-04-2025
- Business
- Trade Arabia
RAK Properties picks Arqaam as liquidity provider at ADX
RAK Properties, a leading publicly listed property developer in Ras Al Khaimah, has announced the appointment of Arqaam Securities as the liquidity provider for its shares on the Abu Dhabi Securities Exchange (ADX). Arqaam Securities is a regional financial institution regulated by the UAE Securities and Commodities Authority (SCA) which will actively manage liquidity for RAK Properties' shares by maintaining two-way quotes within a structured mandate, in addition to initiating research coverage on the company. The agreement is designed to optimize price discovery and narrow bid-ask spreads, ensuring efficient trading. Arqaam Securities' ownership in RAK Properties will not exceed 5% of total listed shares, in full compliance with ADX and SCA regulations, it stated. The appointment, approved by RAK Properties' Board of Directors, is a strategic step to enhance market depth and accessibility for institutional and retail investors, said the Emirati developer in a statement. With foreign ownership permitted up to 49%, RAK Properties remains committed to fostering an active and liquid trading environment, it stated. CEO Sameh Muhtadi said: "Ensuring robust market liquidity is central to our commitment to delivering long-term shareholder value. Partnering with Arqaam Securities, a recognized leader in liquidity provision, aligns with our efforts to enhance trading efficiency and market accessibility for investors." "As increasing numbers of institutional and retail investors look not only to the Emirate of Ras Al Khaimah, but also its major listed entities, it is crucial that we engage with partners who can support our ambitious growth targets," he stated. Veselin Tilev, Head of Market Making at Arqaam Securities, said: "We appreciate the trust placed in us by RAK Properties and look forward to leveraging our expertise to enhance liquidity and optimize market dynamics on ADX. Our dedicated market-making services are designed to support active and efficient trading, reinforcing investor engagement with RAK Properties' shares." RAK Properties said it has set out a clear plan for ambitious growth in 2025. In January it unveiled its masterplan for Mina, the company's flagship destination, for which it has a AED5 billion GDV pipeline to be launched this year. The first two projects within this launch plan, Mirasol and SKAI have been launched to great success in Q1.
