RAK Properties declared a net profit of Dh113.5 million ($30.9m) as revenue grew 25 per cent to Dh243.5m. Mina Al Arab is the company’s flagship Dh10 billion development consisting of a pair of islands off the Ras Al Khaimah coast. A pair of new resort hotels – a 350-room Intercontinental and a 306-room Anantara property will open this year and next, respectively. Company expects to hand over the Marbella Villas project at Mina Al Arab containing 205 villas and townhouses, including some waterfront properties, this year. Its Julphar Residence project containing 266 apartments on Abu Dhabi’s Reem Island is also due for handover in 2021.
RAK Properties sold Dh156m of properties during the year, whose revenues will be recognized over the construction period, and total assets increased 3.6 per cent by year-end to Dh5.6bn, which the company said was due to investments made in the development of hotels and residential properties. Emirate is also ramping up its entertainment and tourism offerings in a bid to attract visitors and investors. Ras Al Khaimah’s hospitality market was impacted by movement restrictions to limit the spread of Covid-19, which led to a decline in the number of tourists, but a stronger performance is expected this year. Occupancy at the emirate’s beach hotels fell 41 per cent to 44 per cent last year, but is set to bounce back by 38 per cent to 61 per cent this year