RAK Properties, Ras Al Khaimah’s leading publicly listed property developer, held its Annual General Meeting (AGM) where shareholders approved all agenda items, including the Company’s financial statements for the full year ended 31 December 2024.
The AGM reaffirmed RAK Properties’ commitment to long-term value creation, with a strategic decision to reinvest profits into accelerating project development, enhancing asset value, and capitalising on Ras Al Khaimah’s dynamic real estate landscape.
Rather than issuing dividends this year, the Company is prioritising reinvestment into high-growth opportunities that will drive sustainable returns and strengthen its market position over the coming decade.
“RAK Properties has once again delivered an exceptional year of financial growth, reflecting not only the strength of our vision but also the continued confidence in Ras Al Khaimah as a rising hub for investment, tourism, and sustainable urban development. Our performance is a testament to the Emirate’s robust economic fundamentals, forward-thinking leadership, and its increasing appeal as a world-class destination for residents, investors, and visitors alike.
“As Ras Al Khaimah continues to experience significant expansion across key sectors, RAK Properties remains committed to playing a pivotal role in shaping its future. Our long-term approach of investing in transformative, large-scale developments has driven sustained growth, and we are well-positioned to capitalise on the Emirate’s evolving landscape. By reinvesting in high-potential projects, we are not only strengthening our portfolio but also contributing to Ras Al Khaimah’s emergence as a leading destination for premium waterfront living, tourism, and investment.”
Abdulaziz Abdullah Al Zaabi, Chairman, RAK Properties
This forward-looking approach, reinforced by the strategic support of the Government of Ras Al Khaimah, provides financial stability and the capacity to scale large-scale projects, including the flagship Mina masterplan, ensuring RAK Properties continues to deliver exceptional communities and long-term shareholder value.
“2024 has been a period of strategic planning and operational implementation across our portfolio, which has established the foundations for transformative growth in 2025 and beyond. Our disciplined approach has yielded exceptional financial results, reinforcing the strong market demand for our projects.
“These record financial results allow us to reinvest in growth, accelerating new projects, enhancing asset value, and capitalising on opportunities across Ras Al Khaimah. We are committed to shaping Ras Al Khaimah’s future, attracting international investors, and delivering exceptional communities.”
Abdulaziz Abdullah Al Zaabi, Chairman, RAK Properties
Key financial highlights
RAK Properties achieved record financial results in 2024. Revenue increased by 40% year-on-year, reaching AED 1.4bn compared to AED 1bn in 2023. Profitability also saw substantial growth.
Profit before tax increased by 52% to AED 308m, up from AED 202m in 2023. Net profit grew by 39% to AED 281m, compared to AED 202m the previous year.
The Company’s balance sheet remains strong and continues to grow. Total assets increased by 24% to AED 8.01bn as of 31 December 2024, compared to AED 6.46bn at the end of 2023, which was supported by a land contribution from its strategic shareholder, the Government of Ras Al Khaimah.
Total equity also saw significant growth, reaching AED 5.53bn, up from AED 4.30bn at the end of the previous year.
