Press releases, Reports & Disclosures for RAK Properties

RAK Properties, a leading property developer in Ras Al Khaimah, has partnered with A.R.M Holding and HIVE to create a new coliving and coworking development in Mina Al Arab. This initiative aims to meet the needs of young professionals and entrepreneurs by offering innovative living and working spaces. The development will feature a 117-unit HIVE building and a 116-unit residential building for purchase, along with retail and coworking spaces. This project highlights RAK Properties' strategy to enhance the emirate's appeal as a vibrant and balanced lifestyle destination.

RAK Properties, a leading property developer in Ras Al Khaimah, UAE, reported strong financial results for the third quarter of 2024. The company saw a 30% increase in revenue, reaching AED 891 million, and a 46% rise in gross profit to AED 342 million compared to the same period last year. Profit before tax increased by 27% to AED 133 million. These gains are attributed to strategic project developments and operational efficiencies. RAK Properties also secured a AED 2 billion financing facility through a partnership with the Commercial Bank of Dubai to support growth plans, including the development of green buildings in Mina Al Arab. The company successfully launched and sold out the final phase of its QDM project in 2024. The leadership team expressed confidence in maintaining growth and enhancing community offerings, emphasizing their commitment to shareholders, partners, and customers.

Resolution No. (494) of 2024 mandates the temporary suspension of trading in RAK Properties shares on the Abu Dhabi Securities Exchange (ADX) from 13:00 on November 6, 2024, until the results of a Board of Directors meeting are received. This decision is in accordance with Article No. (16) of the regulations concerning securities listing on ADX. All relevant ADX departments and brokers are instructed to implement this resolution, which has been approved by the authorized person and will be circulated to the Securities and Commodities Authority (SCA), the concerned company, and all relevant parties. The resolution was issued on November 1, 2024.

RAK Properties has announced that its Board of Directors will meet on Wednesday, August 7, 2024, at 1:00 PM at Anantara Hotels. The meeting will focus on discussing and approving the interim financial statement for the six-month period ending June 30, 2024, along with other administrative matters related to the company.

RAK Properties, a leading property developer in Ras Al Khaimah, has partnered with Commercial Bank of Dubai to secure a AED 2 billion syndicated financing facility. This strategic agreement aims to accelerate development projects in Mina Al Arab, including luxury hotels and residential communities, while also supporting the construction of green buildings with international environmental certifications. The facility is intended to provide RAK Properties with the necessary financial resources for sustainable growth and long-term liquidity. Both companies view this collaboration as a pivotal step in transforming Ras Al Khaimah into a premier destination for luxury living and investment. Senior executives from both organizations attended a signing ceremony to mark the partnership.

RAK Properties, a leading property developer in Ras Al Khaimah, UAE, has expanded its partnership with Minor Hotels to introduce Anantara Branded Residences on Mina al Arab. The agreement was signed during the Future Hospitality Summit, aligning with RAK Properties' strategy to integrate international hospitality brands and enhance Ras Al Khaimah's appeal for luxury living and tourism. The development will feature 94 residential apartments and 20 overwater villas, designed by JT&P. This project aims to offer high-end living with amenities like private infinity pools and direct shoreline access. Both companies emphasize their commitment to sustainable and luxury developments, reinforcing Mina Al Arab as a premier global destination. Their initial collaboration resulted in the award-winning Anantara Mina Al Arab Ras Al Khaimah Resort, which has achieved LEED Gold certification for its eco-friendly practices.