Khaleejtimes: The group’s posts Dh27.55 million net profit during the third quarter as it focuses its efforts on curating another state-of-the-art hospitality project to add to its expansive portfolio

RAK Properties on Sunday announced that it earned a Dh27.55 million net profit during the third quarter of 2022 while revenues climbed to Dh289.58 million as the company emerged stronger in the present competitive business climate.

In a statement, the real estate company said its total assets increased to Dh6.24 billion during the July-September 2022 quarter, reflecting a significant rise from Dh6.21 billion recorded in December 2021.

"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,” Abdul Aziz Abdullah Al Zaabi, chairman of RAK Properties, said.

 
InterContinental Ras Al Khaimah Mina Al Arab Resort & Spa assumed operations during the quarter 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.

Sameh Al Muhtadi, RAK Properties’ CEO, stressed that RAK Properties is eager to continue to provide the Emirate with exceptional residential destinations, providing residents a comfortable, safe and modern lifestyle according to the highest global standards.

“Construction started and progressing as per development plan at Gateway Residence II project, a luxury waterfront residential tower at Hayat Island. RAK Properties has also announced contract award and project construction of Bay Residence Phase 1,” he said.

RAK Properties announced future developments plans, with Bay Residence Phase 2, a set of additional 2 Towers will be launched soon. Marbella Extension, a residential villa in Hayat Island is under review and will be launched soon. RAK Properties also plans to develop 5 plots in Bay Area Projects, in Hayat Island, Mina Al Arab.