RAK Properties, listed on the Abu Dhabi stock exchange, achieved a record revenue of AED 1.4 billion ($381.2 million) in 2024, marking a 40% increase from AED 1 billion in 2023. Net profit also surged 32% to AED 280 million, driven by strong sales, cost management, and operational efficiency.

The company’s recurring revenue from hospitality, retail, and leasing assets reached AED 261 million, highlighting stable demand. Total assets grew 24% year-on-year to AED 8.01 billion, while total equity rose to AED 5.53 billion from AED 4.3 billion in 2023.

Chairman Abdulaziz Abdullah Al Zaabi announced that 2025 will bring a new expansion phase, with the unveiling of the Mina master plan. RAK Properties has an AED 5 billion project pipeline, with a development backlog of AED 1.9 billion, reinforcing its position as a key player in Ras Al Khaimah’s real estate sector.