RAK Properties said its third-quarter profit more than quadrupled and revenue doubled amid a broad recovery in the UAE's property market.
Net profit for the three-month period ending September 30 surged to Dh197.9 million ($53.9m), compared with Dh40.97m in the same period last year, RAK Properties said in a statement on Saturday. Revenue jumped 139 per cent year-on-year to Dh424.37m.
“The country has numerous available investment opportunities that overcome all challenges,” Abdulaziz Al Zaabi, chairman of RAK Properties, said.
“The real estate market is on the verge of more exceptional performance during the coming period, with more projects to be delivered soon.”
Property prices in the UAE are expected to stabilise in 2021 as the economy recovers from a coronavirus pandemic-induced slowdown and government initiatives spur growth, analysts said.
New initiatives such as visas for expatriate retirees and the expansion of the 10-year golden visa scheme to attract foreign professionals to the UAE are also expected to support the market.
The Abu Dhabi-listed developer's total assets jumped to Dh6.18bn, up from Dh5.8bn previously, as a result of increased investments in the development of hotel and residential projects, it said.
The InterContinental Mina Al Arab Resort and Hotel is expected to begin operations during the last quarter of 2021, while the Anantara Mina Al Arab Hotel and Resort is scheduled to open in 2022.
The company is accelerating work on the final stages of the Marbella Villas project on Hayat Island in Mina Al Arab, which includes 205 villas and town houses.
The Julphar Residence project on Reem Island in Abu Dhabi, which includes 266 apartments, should be delivered to customers this year.
RAK Properties is also adding the Bay Residence project on Hayat Island in Mina Al Arab to its portfolio, which will consist of 648 residential units, as well as the Gateway Residence 2, a residential tower located within the Mina Al Arab project.
The company also revealed a new phase of Marbella Villas due to increased demand with an additional 79 units.
Another 13 developments will also be added to the Hayat Island project as part of the masterplan redesign, it said.