Ras Al Khaimah’s leading property developer, RAK Properties, has announced a strong start to 2025, reporting a Q1 revenue of AED 370 million ($101 million). This impressive figure represents a 28% increase compared to the same period in 2024, driven by what the company has hailed as record sales.
The significant uptick in revenue is primarily attributed to robust on-site development progress across RAK Properties’ diverse portfolio of residential projects, coupled with strong demand for its newly launched properties. This combination has led to a record number of units sold in a single quarter, with 503 units valued at AED 839 million finding buyers in Q1 2025. This demonstrates sustained confidence from both end-users and investors in RAK Properties’ offerings and the broader Ras Al Khaimah real estate market.
The strong sales performance has also positively impacted RAK Properties’ profitability. The company reported a profit before tax of AED 74 million in Q1 2025, marking a substantial 64% increase year-on-year. EBITDA also saw a healthy rise to AED 107 million, highlighting improved margins and operational efficiency.
Looking ahead, RAK Properties boasts a development backlog of AED 2.33 billion as of March 31, 2025. This substantial figure provides clear visibility for future revenue streams, indicating a strong foundation for continued financial growth.
Celebrating its 20th anniversary this year, RAK Properties views these Q1 results as a testament to its long-term strategic outlook and its role in transforming Ras Al Khaimah into a global investment hub. Chairman Abdulaziz Abdullah Al Zaabi emphasized the company’s commitment to building communities that contribute to the emirate’s economic ambitions.
CEO Sameh Muhtadi highlighted the company’s focus on delivery, differentiation, and unlocking long-term growth, with over 3,000 units currently under construction and more than 800 handovers planned for 2025.
Key Highlights:
- RAK Properties reported a 28% increase in Q1 2025 revenue to $101 million, driven by record sales.
- The company sold 503 units worth AED 839 million in Q1 2025, the highest number of units sold in any quarter.
- Profit before tax rose by 64% to AED 74 million, and the development backlog reached AED 2.33 billion.
- RAK Properties celebrates its 20th anniversary with a focus on contributing to Ras Al Khaimah’s growth as an investment hub.