RAK Properties Q1 revenue grows by 141% ...United Arab Emirates

RAK Properties posted revenues of $70.4mn for Q1 2023 compared to $29.2mn during Q1 2022, the developer has announced. Meanwhile, net profit for the period increased to $12.1mn, as opposed to $8.3mn for the same period last year. The performance represents a year-on-year increase of 141%, with growth driven by strong customer demand for new project launches in Abu Dhabi and Ras Al Khaimah, as well as the large-scale handover of completed residential developments to owners. The company’s hospitality assets have also added significant value to revenue streams, strengthened the balance sheet and driven the appeal of Mina Al Arab as a lifestyle destination, the developer explained. Development h

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