Banan Beach in Ras Al Khaimah
A beach in Ras Al Khaimah. The Anantara Mina Al Arab Ras Al Khaimah Resort is 'currently progressing at a significant pace', the company said. Image Credit: Supplied

RAK Properties clocked a net profit of Dh27.55 million in the third quarter of 2022, it said on Sunday.

During this period, the company’s revenue reached Dh289.58 million, and total assets were recorded at Dh6.24 billion in the third quarter, an increase from Dh6.21 billion recorded in December 2021.

InterContinental Ras Al Khaimah Mina Al Arab Resort & Spa began operations during the period, adding significant profit and value to the company’s revenue stream.

Another project, the Anantara Mina Al Arab Ras Al Khaimah Resort, is “currently progressing at a significant pace”, the company said.

Abdul Aziz Abdullah Al Zaabi, Chairman of RAK Properties, said: “We will continue to develop exquisite residential and hotel projects to meet the needs of the real estate market. This sector continues to show great growth potential, providing the best value to investors and shareholders alike.”

Sameh Al Muhtadi, RAK Properties’ CEO, stressed that the company is eager to continue to provide the emirate with exceptional residential destinations, providing residents a comfortable, safe and modern lifestyle according to the highest global standards.

“Construction started and progressing as per development plan at Gateway Residence II project, a luxury waterfront residential tower at Hayat Island. RAK Properties has also announced contract award and project construction of Bay Residence Phase 1,” he said.

RAK Properties reported revenue of Dh193.99 million in the first half of 2022, down from Dh265.10 million in the year-ago period.