Ras Al Khaimah Properties, a UAE developer, announces 8 new projects in 2024 with a total investment of $735 million.

Ras Al Khaimah Properties, a top real estate developer in the UAE, plans to launch eight new projects in 2024, CEO Sameh Muhtadi revealed in an exclusive interview with Al Khaleej.

These projects, totaling $735 million USD (about 2.7 billion dirhams), will be mainly in Ras Al Khaimah emirate.

Muhtadi didn't disclose Q1 2024 financial results but mentioned sales of 350 million dirhams during the period.

The company awaits approval from the Securities and Commodities Authority for a 920 million dirhams capital increase, involving issuing 920 million new shares. The government of Ras Al Khaimah will increase its stake from 5% to 34%.

Muhtadi is optimistic about the real estate market in 2024, citing strong Q1 performance. He expects high demand for various real estate products to continue.