RAK Properties

RAK Properties Finacial Statement

RAK Properties Public Joint Stock Company (PJSC) was founded under the patronage of Sheikh Saud Bin Saqr Al Qasimi, Ruler of Ras Al Khaimah. The company's mission is to deliver high-quality and professionally managed projects that provide its customers with the highest level of service while maximizing their investments.

Despite difficulties that the real estate market faced in 2020, RAK Properties has reported an increased revenue to USD48.4M (AED178M), compared to $USD7M (AED136M) in Q3 2021. The firm also introduced several payment tools, including up to 10 years of payment plan; exemption of master community charges for up to seven years; waiver of property registration fees, and other benefits.

In its financial statement, RAK Properties stated that construction in Intercontinental Hotel and Resort, Mina Al Arab, and Anantara Mina Al Arab Hotel & Resort is still in progress. In comparison, many other developers in the region froze their projects.

Conclusion:

1. RAK Properties is a leading developer based in Ras Al Khaimah.
2. Despite difficulties the real estate market faced in 2020, the developer improved its leading financial indicators and continued developing the current projects without delays.
3. Established in 2005, now it is the leading developer with a portfolio comprising numerous real estate and tourism infrastructure objects and mix-use community developments.
4. The company's most remarkable project is the Mina Al Arab district comprising two islands, Al Hayat being the most famous.