2013-03-17

RAK Properties, Ras Al Khaimah’s biggest property developer listed on Abu Dhabi Stock Exchange, approved a dividend of 5 fils per share at its General Body Meeting held today in Hilton Ras Al Khaimah Hotel.

The meeting further approved the Board of Directors report on the company’s activities and financial performance for the fiscal year ended December 31, 2012.

The meeting also voted for and approved the external auditor report for the same period and discussed and approved the balance sheet and the profit and loss statement.

The shareholders approved the proposal of the Board of Directors to distribute a cash dividend to the shareholders, equivalent to 5 per cent of the capital.

They also approved the Board member’s remuneration and discharged the directors and auditors from liabilities for the 2012 fiscal year. Moreover, they re-appointed external auditors for the fiscal year of 2013 and approved their fees.

Mohamed Sultan Al Qadi, Managing Director & CEO of RAK Properties, said: “We are pleased with the extensive and detailed discussions that took place in the general body meeting. Shareholders expressed their satisfaction over the performance of the company in 2012.

“We also shared with them the vision of the Board of Directors and its ambitious plans to sustain the growth momentum of the company not only in Ras Al Khaimah but also nationwide in 2013.”

RAK Properties announced last February its financial results for fiscal year that ended on 31st December 2012, where its net profit rose 35.6 per cent to reach Dh147 million, compared to Dh108.4 million in 2011.

The rise in profits for 2012 fiscal year came from increased demand for RAK Properties’ key projects, including Mina Al Arab, Julphar Towers and RAK Tower in Abu Dhabi as well as its early settlement of its Dh184 million loan with Ras Al Khaimah Investment and Development Office of Ras Al Khaimah Government.

RAK Properties recorded an increase in growth of residential, commercial and retail lease in 2012 which, according to Al Qadi, reflects the anticipated continual growth for the company in the coming period.

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Editors Note:

RAK Properties, a Public Joint Stock Company listed on the Abu Dhabi Securities Market, is a real estate development company established to implement the emirate’s plans to promote real estate, tourism and leisure facilities in RAK and invest in interesting projects. It is intended that its activities will encourage economic growth in the UAE in general and Ras Al Khaimah in particular. The company launched its first project, Julfar Towers – a 45-storied twin office and residential project at a cost of AED 500 million – in February 2006 followed by Mina Al Arab – spread over 43 million sq. feet at a cost of AED 10 Billion – in May 2006. It also launched RAK Tower in Abu Dhabi at Cityscape Dubai.