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RAK Properties H1 net profit jumps 80% on higher sales, Mina project growth

RAK Properties’ share price has gained 26.3 per cent year-to-date, ending the first half at Dhs1.44, giving it a market capitalisation of Dhs4.32bn

Gulf Business
Gulf Business

15 August, 2025

RAK Properties H1 net profit jumps 80% on higher sales, Mina project growth
Image: Supplied

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RAK Properties reported an 80 per cent rise in its H1 net profit, driven by higher sales and continued development at its Mina flagship development.

The UAE-based developer posted net profit of Dhs160.6m ($43.7m) for the six months to June 30, up from Dhs89.06m a year earlier.

Revenue for the period was Dhs774.79m.

RAK Properties H1: Key highlights

Sales value more than doubled to Dhs1.41bn from Dhs703m last year, supported by a 59 per cent increase in the number of units sold to 788.

The company’s development backlog rose 42 per cent to Dhs2.62bn.

Operating profit increased 47 per cent to Dhs204.15m, while EBITDA grew 42 per cent to Dhs239.25m.

Total assets rose 3.5 per cent to Dhs8.29bn, and capital and reserves increased 3 per cent to Dhs5.70bn.

RAK Properties’ share price has gained 26.3 per cent year-to-date, ending the first half at Dhs1.44, giving it a market capitalisation of Dhs4.32bn.

Chairman Abdulaziz Abdullah Al Zaabi said the results reflected the company’s growth and the appeal of Ras Al Khaimah as a property investment destination.

“The emirate’s diversified economy, investor-friendly regulations, and growing population reflect an increasing demand for a new kind of modern, urban-beachfront community with Mina as its vibrant heart,” Al Zaabi said in a statement.

Chief executive Sameh Muhtadi said the company’s performance was supported by new residential launches, hotel announcements, and international interest in Ras Al Khaimah.

Read: Giorgio Armani, RAK Properties to launch branded beach villas

Executive reshuffle to strengthen UAE-based Emrill’s service delivery

In his new role, Thomas Friswell will lead key divisions, including Emrill Interiors and Heights

Rajiv Pillai
Rajiv Pillai

15 August, 2025

Executive reshuffle to strengthen UAE-based Emrill’s service delivery
Thomas Friswell/Image: Supplied

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UAE-based integrated facilities management provider, Emrill, has promoted Thomas Friswell to support services director, appointing him to the company’s executive leadership team.

In his new role, Friswell will lead key divisions, including Emrill Interiors and Heights, and oversee transport, accommodation, continuous improvement, business development, and the company’s Centre of Excellence. He will focus on strengthening integration across departments to advance Emrill’s strategic and operational goals.

Since joining the company three years ago, Friswell has shown adaptability and a strong results-driven approach. As associate director, he took on additional responsibilities, contributing to operational growth and enhanced service delivery. His operational background and close collaboration with on-site teams have enabled him to drive efficiencies, maintain service quality, and foster innovation across support functions.

Emrill CEO, Stuart Harrison, said: “Thomas has consistently gone above and beyond, taking on challenges with agility and always delivering results. His promotion reflects his significant contributions and the trust we place in his ability to further enhance Emrill’s operations. We are confident that under Thomas’ leadership, our support services will continue to evolve, enabling greater service excellence and operational alignment.”

Friswell said: “I’m incredibly proud to be appointed support services director and to join Emrill’s executive leadership team. Emrill has created a culture where people are empowered to grow, and I’ve been fortunate to benefit from this environment of opportunity, guidance and development. I’m looking forward to driving continued improvement across the business and delivering solutions that support our operations and clients.”

Read: Union Properties’ ServeU acquires House Keeping in Dhs100m deal

He plans to integrate AI-powered tools and digital solutions to streamline operations, enhance employee engagement, and expand emerging business divisions, while fostering innovation-led service improvements.

“Support services play a vital role in enabling success across all parts of the organisation,” Friswell added. “In this role, I look forward to working collaboratively across departments to strengthen our service delivery, elevate performance and contribute to Emrill’s continued growth.”

Friswell is a Fellow of the Chartered Management Institute (FCMI) and a Member of the Institute of Workplace and Facilities Management (MIWFM). He holds a Level 7 Diploma in Strategic Management and Leadership.

Zand, Mastercard partner to boost cross-border payment solutions

The partnership will enable Zand to offer seamless, secure and efficient cross-border money transfers to its customers

Neesha Salian
Neesha Salian

15 August, 2025

Zand, Mastercard partner to boost cross-border payment solutions
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UAE-based AI-powered fintech and financial services group Zand has signed a strategic agreement with Mastercard to enhance cross-border payment solutions using Mastercard Move’s money movement technology.

The partnership will enable Zand to offer seamless, secure and efficient cross-border money transfers to its customers.

In the first phase, Zand will provide deposits into bank accounts and wallets in multiple markets, along with cash pick-up services through Mastercard Move’s capabilities.

The collaboration is aimed at advancing the digital economy, driving innovation and expanding financial inclusion in the region’s financial services sector.

Zand-Mastercard collab to build financial inclusion

“At Mastercard, we are committed to driving innovation across the region’s payments landscape,” said J K Khalil, EVP and division president, East Arabia, Mastercard. “Our collaboration with Zand will connect more people and businesses to the financial system, helping drive greater financial inclusion and economic opportunity in the UAE and across the region.”

Michael Chan, CEO at Zand, said the partnership marked a “significant milestone” in the company’s mission to accelerate the digital economy. “The payments ecosystem is rapidly growing and evolving in the region and offers compelling potential to accelerate the applications of AI, blockchain and payments technology,” he said.

Mastercard Move offers fast, secure and efficient fund transfers for a range of payment flows including person-to-person, business payments and disbursements.

Payout options include cards, bank accounts, mobile wallets and cash, with cash payouts available through Mastercard’s global network of pickup locations to serve unbanked and underbanked populations.

Voting now open for Gulf Business Awards 2025

The awards span key sectors including banking, real estate, healthcare, technology, energy, tourism, and more

Rajiv Pillai
Rajiv Pillai

15 August, 2025

Voting now open for Gulf Business Awards 2025
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Voting has officially opened for the Gulf Business Awards 2025, giving the public an opportunity to support their preferred companies and leaders across the Gulf region. All nominations can be viewed online, and casting a vote is simple, straightforward, and takes just a few minutes.

Voting is now live via the official Gulf Business Awards 2025 link, with the process being entirely online and user-friendly. Once on the site, voters can easily navigate through the categories and submit their choices.

Voting will close on 28 August.

Now in its 13th year, the Gulf Business Awards is the region’s premier platform for recognising business excellence, innovation, and leadership. The 2025 edition will take place on September 24 in Dubai, bringing together top decision-makers, executives, and entrepreneurs for an evening of high-profile recognition and networking.

The awards span key sectors including banking, real estate, healthcare, technology, energy, tourism, and more—honouring both standout companies and visionary leaders who are driving growth and transformation across the GCC.

Entries are evaluated by an independent panel of experts, comprising regional business leaders, industry veterans, and Gulf Business editorial leadership. The judging process is designed to ensure transparency, merit-based evaluation, and sector relevance.

As a refresher, this year’s categories include:

Company Awards

● Banking Company of the Year

● Real Estate Company of the Year

● Tourism Company of the Year

● Hospitality Company of the Year

● Retail Company of the Year

● Transport Company of the Year

● Healthcare Company of the Year

● Energy Company of the Year

● Technology Company of the Year

● Investment Company of the Year

● Logistics Company of the Year

Leader Awards

● Banking Leader of the Year

● Real Estate Leader of the Year

● Tourism Leader of the Year

● Hospitality Leader of the Year

● Retail Leader of the Year

● Transport Leader of the Year

● Healthcare Leader of the Year

● Energy Leader of the Year

● Technology Leader of the Year

● Investment Leader of the year

● Logistics Leader of the Year

Cityscape Global 2025 returns to Riyadh with expanded agenda and global participation

Cityscape Global 2025 will bring together more than 172,000 participants from across the global real estate ecosystem

Rajiv Pillai
Rajiv Pillai

15 August, 2025

Cityscape Global 2025 returns to Riyadh with expanded agenda and global participation
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Cityscape Global is set to return to the Exhibition and Convention Centre in Malham, Riyadh, from 17–20 November 2025, under the theme “The Future of Urban Living.” Sponsored by the Ministry of Municipalities and Housing (MOMAH) and in partnership with the Real Estate General Authority (REGA), Vision 2030, and the Housing Program, the event is organised by Tahaluf.

As the world’s largest real estate exhibition, Cityscape Global 2025 will bring together more than 172,000 participants from across the global real estate ecosystem—including developers, architects, institutional investors, technology providers, and policymakers. The event highlights both Saudi Arabia’s real estate transformation and its growing international footprint, with over 70 global developers and more than 20,000 international attendees participating in the 2024 edition.

New this year is the co-location of ESTAAD, Saudi Arabia’s first dedicated platform for stadium, sports, and mega-event infrastructure. The expanded agenda will feature 500+ exhibitors, 450+ speakers, four specialised conferences, and two VIP networking programmes tailored for institutional investors and global developers.

H.E. Majed bin Abdullah bin Hamad Al-Hogail, Minister of Municipalities and Housing, commented: “The 2025 edition of Cityscape Global, set to take place this November, represents a significant opportunity to forge new partnerships and strengthen collaboration as we pursue the ambitious objectives of Vision 2030. This exhibition plays a crucial role in supporting our efforts to develop integrated urban communities, improve the quality of life for citizens and residents, and drive sustainable economic growth. We welcome stakeholders from across the real estate value chain—both locally and globally—to join us in shaping the future of living, here in Saudi Arabia and beyond.”

Faisal Al-Khamisi, Chairman of the Saudi Federation for Cybersecurity, Programming and Drones and founding partner of Tahaluf, added: “This year, we aim to leverage the outstanding successes achieved by Cityscape Global in its previous editions, particularly what was recorded in 2024 in terms of the value of transactions and the increase in global participation, with the total deals exceeding the value of $61 billion, and participating countries reaching 121; reflecting the growing global significance of this exhibition, which continues to establish its international presence as one of the most important platforms for conducting real estate business deals in this sector.”

New pillars and content in 2025

This year’s expanded programme includes:

Future of Living Summit: A platform where policymakers, developers, and investors convene to define smarter, sustainable cities.

DnA (Developers & Architects) Stage: Connecting top global architecture firms, urban planners, and ESG experts to discuss the evolution of human-centric cities.

Innovation Arena: A hub for tech startups and innovators, featuring the Cityscape Innovation Challenge and Future Leaders Hackathon.

ESTAAD: A new co-located forum focused on global sports and entertainment infrastructure.

A global stage for real estate visionaries

Cityscape Global 2025 will feature global thought leaders including:

Sally Capp, Former Mayor of Melbourne

Darren Bechtel, Founder & MD, Brick & Mortar Ventures

Stefano Boeri, Architect of Bosco Verticale

Mitchell Silver, Former NYC Parks Commissioner

Anil Erdem, MD, BentallGreenOak

Representing countries and exhibitors

A total of 37 countries will be represented, such as the USA, China, UK, UAE, Qatar, Italy, Jordan, and India—with exhibitors including Qatari Diar, JLL, Hovnanian, Iris Ceramica, and Property Automate, among others.

Jerry Inzerillo, Group CEO of Diriyah Company, said: “Diriyah Company is building one of the world’s most unique contemporary urban developments – The City of Earth. Our goal is to uplift the quality of life for over 100,000 residents, creating a hub for entertainment, education, and work. Offering residents and visitors iconic experiences such as the Royal Diriyah Opera House and numerous other hospitality, retail & entertainment assets. At Cityscape Global in 2024, we successfully launched the ‘Signature Collection of The Ritz-Carlton Residences Diriyah’ and the ‘Raffles Residences Diriyah’, which were extremely well received by the marketplace, and in 2025 we are looking to realize even more successes.”

Supporting Saudi Arabia’s giga-project agenda

Renowned developers such as Qiddiya, are exhibiting for the first time as Foundation Partner. Along with Abyatona, Ajdan, Ajlan & Bros, Ajlan Riviera, Abdulrahman Saad Alrashed and Sons, Al Basateen, Dar wa Emaar, AlDyar AlArabiya, Al Majdiah, Mohamed Al Habib, Mountain View, AlOthaim, Osool, Osus, Rafal, Retal, Rikaz, and Zood, are committed Diamond Sponsors to Cityscape Global. They will showcase various innovative projects, which are shaping the future of real estate.

Cityscape Global 2025 is poised to be the most transformative edition yet, reinforcing Saudi Arabia’s position as a real estate powerhouse and a global hub for urban innovation.

To register, please click here.

UAE aviation sector soars in H1 2025 with 75.4 million passengers

Air traffic in the UAE recorded 531,000 movements in H1 2025, a 6.2 per cent rise compared with nearly 500,000 movements during the same period last year

Gulf Business
Gulf Business

15 August, 2025

UAE aviation sector soars in H1 2025 with 75.4 million passengers
Image: Getty Images/ For illustrative purposes

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The UAE’ civil aviation sector recorded notable growth across key indicators in H1 2025, with passenger traffic, air cargo, and air traffic movements showing solid results, according to a report by the state news agency (WAM).

Airports across the UAE handled 75.4 million passengers in H1 2025, up from 71.7 million in the same period last year, representing a 5 per cent increase. January recorded the highest monthly passenger volume, exceeding 13.7 million travellers.

UAE national carriers expanded their global network, launching flights to 15 new destinations across Europe, Asia, Africa, and the Middle East.

The new cities include locations in Russia, Czech Republic, Poland, Armenia, Kazakhstan, Vietnam, Cambodia, Turkey, Iran, Egypt, Croatia, and Ethiopia, further reinforcing the UAE’s status as a major international aviation hub.

Country’s competitiveness in the aviation sector is ‘rising’

Abdullah bin Touq Al Marri, Minister of Economy and Tourism and chairman of the General Civil Aviation Authority (GCAA), said, “The UAE continues to enhance its global and regional standing as an international aviation hub, posting unprecedented growth rates driven by innovative national initiatives and strategies. This has significantly strengthened the country’s competitiveness and leadership in this vital sector, which today represents a key pillar for driving economic growth, diversifying income sources, and supporting trade, tourism, investment, and job creation across all aviation-linked sectors.”

Saif Mohammed Al Suwaidi, DG of GCAA, added, “We are proud to continue achieving stable growth rates in both passenger and cargo traffic, supported by ambitious development projects to keep pace with this expansion. The total passenger handling capacity of the country’s airports now exceeds 160 million, and we are confident that the aviation sector will continue to play a pivotal role in supporting the national economy, boosting tourism and trade, and reinforcing the UAE’s position as a leading air transport hub regionally and globally.”

In detail, air traffic in the UAE recorded 531,000 movements in H1 2025, a 6.2 per cent rise compared with nearly 500,000 movements during the same period last year.

Riyadh, Jeddah, Kuwait, Mumbai, and Bahrain were the top five busiest destinations in terms of weekly flights.

Air cargo volumes surpassed 2.2 million tonnes, up 4.74 per cent year-on-year, with national carriers accounting for 67 per cent of total cargo traffic.

Read: DXB welcomes 46 million passengers in H1 2025

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