RAK Properties Records AED289.58 Million in Revenue During Q3

H.E. Abdul Aziz Abdullah Al Zaabii

RAK Properties Records AED289.58 Million in Revenue During Q3

RAK Properties achieved stable financial results during the third quarter (Q3|) of this year, and achieved a net profit of AED27.55 million throughout this period.

The company’s’ revenue reached AED289.58 million, and total assets were recorded at AED6.24 billion in the third quarter, an increase from AED.21 billion recorded in December 2021.

InterContinental Ras Al Khaimah Mina Al Arab Resort & Spa assumed operations during the aforementioned period, adding significant profit and value to the company's revenue stream. The group currently focuses its efforts on curating another state-of-the-art hospitality project to add to its expansive portfolio - the Anantara Mina Al Arab Ras Al Khaimah Resort. The much-anticipated hotel is currently progressing at a significant pace.

H.E. Abdul Aziz Abdullah Al Zaabi, chairman, RAK Properties, said, "We are pleased to announce our financial results this quarter, which reflect the company's ability to adapt to the current competitive business climate. We will continue to develop exquisite residential and hotel projects to meet the needs of the real estate market. This sector continues to show great growth potential, providing the best value to investors and shareholders alike”.