RAK Properties, Ras Al Khaimah’s biggest property developer listed on the Abu Dhabi Stock Exchange, has authorized the distribution of 5 per cent as cash dividend during its Annual General Meeting held on (Saturday, March 19, 2016) at the Rixos Bab Al Bahr Hotel in Ras Al Khaimah.
The Annual General Meeting reviewed and approved the company’s activities and its financial position as reported by the Auditor for the year ended December 31, 2015. After discussing and approving the corporate Balance Sheet statements, the AGM approved the recommendation for dividend distribution and appointed the auditors for the current financial year.
The AGM also passed a special resolution to amend RAK Properties’ Articles of Association in line with Federal Law No 2 of 2015 which mandates new guidelines for Commercial Companies. The new law was introduced last year to strengthen the legal and regulatory landscape influencing the conduct of business in the UAE.
Mohammed Al Qadi, Managing Director and CEO, RAK Properties, said: “Through the patronage of our valued customers, the tireless support of our stakeholders and the outstanding work ethic of our team, we were able to achieve a total revenue of AED 367.8 million, representing a healthy increase of 23.5 per cent over 2014. We also posted a consolidated net profit of AED 160 million, providing us with enough financial leverage to march forward with our ongoing developments while strategically positioning us to pursue new vistas of growth. .”
RAK Properties is currently undertaking major expansion initiatives that involve a number of mega residential and hospitality projects. It is collaborating with high-profile global corporations to leverage Ras Al Khaimah’s touristic opportunities and continues to complement government efforts to highlight the emirate’s attractive blend of modern and traditional amenities and attractions.