Top 100 GCC Real Estate Developers: Rak Properties
The UAE developer, which posted 45.5% net profit declines in H1 2019, is building various projects in Ras Al Khaimah
Abu Dhabi Securities Exchange-listed Rak Properties is the company behind projects such as the Marbella-branded homes in Ras Al Khaimah, UAE.
In the first half of 2019, net profits at the real estate company declined by 45.5% to $4.3m (AED15.9m) from H1 2018's $7.9m (AED29m).
Rak Properties recorded revenues of $21.4m (AED78.5m) in H1 2019, 4.4% higher than the $20.5m (AED75.4m) it recorded for six-month period ending on 30 June 2018.
In a stock market filing in July 2019, Rak Properties said that construction was steadily progressing on the 205 villas and townhouses of its Marabella Villas project, as well as the 350-key Intercontinental Hotel and Resort within the $1.3bn (AED5bn) Mina Al Arab megaproject.
The developer said it expected to begin construction on North Bay in Mina Al Arab in Q4 2019, and hand over Julphar Residence within Abu Dhabi’s Reem Island, and Gateway Residence in Mina Al Arab, in the same quarter.
Construction of Anantara Mina Al Arab Hotel and Resort, where the number of rooms has been reduced to 174 following a redesign programme, was also progressing as planned in July 2019.
Construction Week’s Top 100 GCC Real Estate Developers 2019 list is a compilation of the region’s most influential and successful property firms.
The list has been produced based on publicly available information, and is not a ranking.