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Abu Dhabi-listed RAK Properties said the concept masterplan for the Four Seasons Private Residences project has been finalised on Mina, a flagship community masterplan.
Launched in February 2025, the project will house 150 keys, suites and signature villas, alongside 130 Private Residences.
Groundwork is underway on Armani Beach Residences Ras Al Khaimah at Mina, with the appointment of a contractor to carry out core beach works, the developer said in its first quarter 2026 financial statement.
During the first quarter, RAK Properties awarded the design works for The Strand, its new master-planned destination at Marjan Beach, to UK-based architecture firm Chapman Taylor.
The project, covering 186,000 square metres (sqm), is expected to generate AED 12 billion in gross sales.
RAK Properties is confident of its long-term strategy and operating framework to navigate the upcoming 9-12 months, anticipating a return to strong growth in 2027 as “established projects mature and the market continues to adapt and settle”, the statement said.
Revenue fell 25 percent year on year to AED 278 million, while net profit declined 41 percent YoY to AED 40 million in the first quarter of 2026, according to the company’s financial statement.
Development backlog reached AED 3.44 billion as of March 31, 2026, providing clear visibility into future revenues.
(Writing by P Deol; Editing by Anoop Menon)
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