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RAK Properties holds Annual General Meeting for 2014



RAK Properties PJSC, Ras Al Khaimah’s (RAK) biggest property developer listed on the Abu Dhabi Stock Exchange, recently held its Annual General Meeting (AGM) for 2014 at the Al Hamra Convention Centre. The meeting, which was attended by the company’s Board of Directors, shareholders and investors, included the discussion of a seven-point agenda and reporting on the company’s achievements from the previous year. The Participants in the AGM endorsed the decision to distribute 5% profits or up to AED 100 million and also approved the proposal to transfer AED 1 billion of retained earnings to statutory and regular reserves respectively.

During the AGM, the company revealed a net profit of AED 151 million for Fiscal Year (FY) 2013, compared to AED 147 million posted in 2012. RAK Properties also announced the addition of villas for its flagship development project, Flamingo Villas.

The meeting’s key discussions focused on the prepared seven-point agenda, which included the;

• Consideration and approval of the Board of Directors report on the company’s activities and financial standings for FY’ 2013

• Consideration and approval of the external auditor’s report for FY’ 2013

• Discussion and approval of the company’s balance sheet and profit & losses statements for FY’ 2013

• Consideration and approval of the Board of Directors’ proposal of a five per cent cash dividend for 2013

• Consideration and approval of the Board of Directors renumeration package

• The discharge of Board of Directors company auditors from liability for FY’ 2013

• Appointment of external auditors for FY’ 2014

Reporting on its completed projects for 2013, the company was able to hand over 192 residential units—which include villas, townhouses, apartments and commercial offices in Mina Al Arab and Julphar Tower in Ras Al Khaimah and the RAK Tower in Reem Island in Abu Dhabi.

Mohammad Sultan Al Qadi, Managing Director and CEO, RAK Properties, said: “2013 was a very fruitful year for the company, which witnessed increased net profits of AED 151 million. Last year also saw the successful completion and eventual turn-over of several projects in RAK and Abu Dhabi. Another highlight is the overwhelming response that we received for our Flamingo Villas project at Cityscape Global 2013, which has prompted us to add more villas and offer them for sale starting this weekend (March 15, 2014). Industry reports have shown that 2014 will be an even stronger year for the real estate segment—giving us more confidence to leverage our diverse portfolio of property offerings, thereby consolidating our leading position across the country’s rapidly developing real estate industry.”

RAK Properties is one of the largest real-estate developers in the GCC and is currently engaged in a massive expansion phase. The company has developed a large and strong clientele, thereby enhancing its standing by bringing in top international brands to its projects.


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.