Focused, transparent and performance driven 

A message from our MD

Dear Shareholders,

Last year again represented an incredibly successful year for RAK Properties, despite increasingly challenging market conditions across the region. Through the hard work of our partners and the unwavering support of our stakeholders, we emerged from 2016 ahead of the industry, reporting extremely positive end-of-year results following 12 months of successful handovers, development announcements and new contract signings. All in all, 2016 was a year to be proud of for RAK Properties.

A key characteristic of our success during 2016, and in fact in recent years, has been our continuing commitment to delivering quality homes within iconic and picturesque communities. Nowhere else is this more evident than at our master Mina Al Arab development, which continues to attract significant investment and interest. RAK Properties remains a trusted property developer in the region, delivering on promises to an ever-growing international and domestic customer base.

Our end of year results are testament to our commitments and success, with the company achieving revenues in excess of AED 390 million in 2016 - a year-on-year increase of 5.98 per cent on the AED 368 million accrued in 2015. We also reported a 9.38 per cent increase in net operating profits compared to the 2015 – up to AED 175 million from AED 160 million in 2015. Vitally, our growth continues to be balanced and sustainable.

A key focus for 2016 was our Mina Al Arab development, with an important delivery milestone during the year being the handover of the second phase of Flamingo Villas in October, two months ahead of schedule. This marked the second early delivery of the project after we handed over Flamingo Villas Phase I ahead of schedule in 2015.

Earlier in the year we revealed details of the newest development within Mina Al Arab with an investment of AED 5 billion. The 811,420m2 island, set to be the new social and entertainment hub of Ras Al Khaimah, will feature international 5-star and 4-star resorts, serviced apartments, a shopping mall, beautiful beach and waterfront apartments, villas and townhouses with a private beach clubhouse, and along the beach there will be al fresco dining and entertainment venues.

Construction on two planned resorts have already started, with recent enabling work contracts signed for 306-key Anantara Mina Al Arab, Ras Al Khaimah, and 350-key InterContinental® Ras Al Khaimah Mina Al Arab Resort. Signifying their respective hotel group’s entrance into the emirate, these announcements will stimulate further growth and interest in the Mina Al Arab master development and will generate sustainable and recurring income on a long-term basis for RAK Properties.

2016 also marked the announcement that our 24-floor Julphar Residences will open towards the end of 2018. The residential tower, located on Abu Dhabi’s Al Reem Island, will feature 266 apartments ranging from chic and smartly laid out studios measuring 440sqft to spacious 1950sqft three-bedroom units, providing the latest iconic address in the UAE capital.

Already this year we have announced further Mina Al Arab projects and we will continue our drive to enhance our offering for current residents and prospective home owners – these are key elements of our strategy to ensure Mina Al Arab remains a much sought after community within the UAE and wider region. We also plan to reveal additional residential, hospitality and retail projects, all to complement RAK Properties’ existing portfolio and meet the needs and demands of the local, regional and international real estate markets.

RAK Properties’ success throughout 2016 would not have been possible without the support and vision of His Highness Sheikh Saud Bin Saqr Al Qasimi, Ruler of Ras Al Khaimah. I would like to extend my thanks on behalf of the company for His Highness’ enduring efforts to improve the emirate’s excellent living conditions and world-class attractions, assets that continue to attract more people to an ever-expanding community.

Through constant guidance and encouragement of our Board of Directors, we remain committed to delivering quality projects ahead of schedule and achieving greater successes over the coming months. I personally thank our employees, investors and loyal customers for supporting our efforts… Thank you.

Mohammed Sultan Al Qadi, MD RAK Properties