RAK Properties aligns real estate development with the emirate’s evolving needs

As the emirate of Ras Al Khaimah continues to draw growing interest from investors and developers alike, RAK Properties — the emirate’s largest real estate developer — is shaping much of the built environment that will define its next phase of growth. Sameh Al Muhtadi, CEO of RAK Properties, spoke with Courtney Fingar about how the company is aligning with the broader economic strategy of the UAE while building for long-term community and investor value.

“We’re handing over close to 1,000 units in the coming months,” says Al Muhtadi. “We also have around 3,000 more in development, which gives a sense of our current activity.”

RAK Properties stands out in the local market through its master-planned approach, especially at its flagship site Mina Al Arab, a coastal community where the company manages not just building plots, but the layout and integration of public spaces, infrastructure and amenities. “We’re not selling land to third-party developers to build separately,” Al Muhtadi says. “We’re curating the overall experience — from beachfront access and jogging paths to the location of cafés and landscaping.”

This level of planning, he says, reflects a focus on long-term livability and investor confidence: “It’s not just about delivering a unit. It’s about building a place people want to live in or invest in over time.”

The company has a strong pipeline for 2024, with AED 5 billion worth of real estate set to be introduced to the market across 11 to 12 projects. “We’re averaging about one launch per month,” says Al Muhtadi. The company is targeting annual growth of around 30%, with projections to increase development activity in 2025 and beyond, depending on continued market demand.

“Our leverage is unusually low for a real estate developer,” he explains. “We’ve benefited from solid sales performance and efficient project delivery, which has kept our cash flow healthy.”

Recently, the RAK government increased its stake in the company from 5% to 34% through a land swap deal. “It’s a vote of confidence, but it also means we now have improved access to key sites and a closer working relationship with government stakeholders.”

Natural assets and hospitality integration

Much of RAK Properties’ land portfolio lies along the coast, with 17 kilometers of waterfront and proximity to protected mangrove areas. “These natural features add a lot of character to our developments,” Al Muhtadi says. “We’ve seen consistent interest in homes that offer close contact with nature, and that’s something we can offer at scale.”

In recent years, the company has expanded into hospitality, opening the InterContinental Ras Al Khaimah in 2022 and the Anantara Mina Al Arab Resort in early 2024. Both have performed well, particularly Anantara, which has achieved high occupancy and strong average daily rates. A Four Seasons resort has also been announced.

“These resorts also anchor our branded residential offerings,” Al Muhtadi says. “The Anantara Residences, launched recently, allow owners to enter into a rental pool with the hotel operator: a model that can appeal to investors who want both a lifestyle and an income opportunity.”

At the same time, RAK Properties continues to develop unbranded residential projects under its own name. Recent launches such as Mirasol and Skai sold out quickly, reflecting strong demand.

Al Muhtadi stresses that development is being accompanied by significant infrastructure coordination. Roads are being widened and redesigned in consultation with the municipality, while the company continues to invest in power capacity and wastewater treatment systems.

Sustainability is embedded in project design. “We recycle treated wastewater for landscaping across our communities,” he says. “And as we build out Mina Al Arab, it will become a self-contained community for nearly 28,000 residents.”

Ras Al Khaimah is currently facing a housing shortfall of around 40,000 units, according to internal estimates, and Al Muhtadi sees this demand persisting. “Most launches are selling out in a matter of weeks. A large share of buyers are investors, some of whom are entering the short-term rental market.”

He cites upcoming demand from Wynn Resorts, whose new integrated resort will employ around 6,400 people, many of whom will require housing. “They’re already looking to lease hundreds of units, and Mina Al Arab is among the preferred locations.”

RAK’s residential market has also seen significant price growth. “Over the past two years, values have more than doubled,” Al Muhtadi notes. “But we’re still at around 30–40% of Dubai prices when comparing beachfront properties, so there’s still room for further appreciation.”

Positioning RAK on the regional map

Looking ahead, Al Muhtadi believes Ras Al Khaimah will continue to attract attention across multiple sectors — not just real estate, but also industrial, commercial, and tourism. “There’s growing interest in the emirate, both from within the UAE and internationally,” he says.

Population growth is expected to rise from 400,000 today to over 600,000 by 2030, and infrastructure improvements are underway, including airport expansion and potential new marine transport options connecting RAK to Dubai. “We’re looking at electric hydrofoils for passenger connectivity — an idea that’s being actively explored.”

As the emirate evolves, RAK Properties is positioning itself to be a long-term development partner. “There’s strong investor appetite for well-managed, high-quality properties, both branded and unbranded,” Al Muhtadi says. “And we’re seeing increasing interest in partnerships with global operators, particularly around hospitality-linked residential offerings.”

He closes with a pragmatic assessment: “Ras Al Khaimah is changing — steadily, and with purpose. For investors and developers looking at the region, it’s a place to watch, and for some, a place to act now.”