RAK Properties Announces AED 5 Billion Investment Plan for 2025
RAK Properties, a leading real estate developer listed on the Abu Dhabi Securities Exchange, has unveiled an ambitious investment strategy for 2025, committing AED 5 billion ($1.36 billion) to launch approximately 12 new projects in Ras Al Khaimah. This initiative aims to capitalize on the growing demand for high-quality residential and commercial properties in the emirate.
Key Highlights of the 2025 Investment Plan:
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Mina Master Development: Central to this expansion is the Mina master development, a sprawling 4 million-square-meter coastal project comprising three distinct districts: Raha Island, Hayat Island, and Lagoons. The development is designed to offer a blend of residential, leisure, and commercial spaces, redefining coastal living in Ras Al Khaimah.
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Launch of Mirasol: The first project under this plan is Mirasol, a twin-tower residential development located on Raha Island. Mirasol will feature 339 units, including studios, apartments, and duplexes, all designed to provide resort-inspired living experiences. Amenities will include an oasis-style swimming pool, open-air cinema, yoga studio, children's play area, and a lounge bar. Notably, the development will house a signature restaurant in partnership with Michelin-starred Spanish chef Vicente Torres. The first phase of Mirasol has already sold out, reflecting strong market demand. Construction is underway, with handover scheduled for the first half of 2028.
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Strategic Partnerships: RAK Properties has announced a collaboration with Four Seasons to introduce a luxury beach resort and private residences within the Mina development. This project will feature approximately 150 rooms, suites, and signature villas, alongside 130 private residences, enhancing the luxury offerings in the region.
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Financial Performance: In 2024, RAK Properties reported a 40% increase in revenue, reaching AED 1.4 billion, up from AED 1 billion in 2023. Net profit also rose by 32% to AED 280 million, driven by robust sales across key residential, commercial, and hospitality projects. The company's development backlog stands at AED 1.9 billion, ensuring strong revenue visibility for the coming years.
Sameh Muhtadi, CEO of RAK Properties, stated, "The exceptional demand for Mirasol underscores the growing confidence in Ras Al Khaimah’s real estate market and highlights RAK Properties’ commitment to delivering world-class communities." He emphasized the company's focus on sustainable, connected communities and diverse luxury residences as part of its transformation agenda.
This comprehensive investment plan reflects RAK Properties' dedication to enhancing the real estate landscape of Ras Al Khaimah, positioning the emirate as a premier destination for luxury living and investment opportunities.