RAK Properties AGM approves proposal for 7.5% dividend

The highlight of the AGM was the approval granted to a proposal for distribution of 7.5% dividend for the financial year 2007. The company had earlier announced the closing of its second financial year ended December 31, 2007 at a net profit of Dhs496m. The profit, earned during the second year of operation, represents 24.81% of the Company's capital and corresponds to earnings per share (EPS) of 25 fils.

Chairman of the Board of Directors of RAK Properties, said in his report to the AGM that the company has successfully taken on the mantle of leading real estate development in Ras Al Khaimah and thereby contributed substantially to the overall economic growth in the emirate.

'Although the company has recorded substantial sales up to 31st December 2007, revenue recognition has been postponed until such time costs can be reasonably attributed to individual units and beneficial ownership has been transferred to buyers. As a result the Profit and Loss account does not show the revenue from sales,' the chairman said in the report, which was later approved by the AGM.

Also on the AGM's agenda, were approvals of the Auditors' Report and the balance sheet as well as profit & loss statement for 2007. Other items on the agenda included; appointment of auditors for the year 2008.

Reiterating the Company's commitment to meeting the expectations of its shareholders, the chairman told the AGM that RAK Properties will continue to focus on large scale developments with special emphasis on the development of the emirate.

'In its endeavour to maintain its role as the premier real estate company in Ras Al Khaimah and to spearhead the economic progress of the emirate, RAK Properties will launch several new projects, both national and international, in the year 2008,' the chairman said in his concluding remarks.

RAK Properties' investment portfolio includes several residential, commercial and leisure facilities. The company's Julfar Towers, launched in 2006, is a business and residential project of Dhs500m, with two towers rising to 43 floors. Mina Al Arab is a mixed-use waterfront resort community that will epitomize the 'Living Closer to Nature' motto of RAK Properties. Spread over 30 million sq. feet and with costs estimated at Dhs10bn, the project was announced in 2006. RAK Tower, an Dhs300m project launched in 2007, is a residential tower in Abu Dhabi comprising 43 floors.

'The potential for real estate in the UAE looks tremendous and the global investor community has expressed strong confidence especially in Ras Al Khaimah's credentials and prospective. RAK Properties now has the ideal setting to capitalize on its achievements and take real state investment in Ras Al Khaimah to new highs,' said Mohammed Sultan Al Qadi, Managing Director & CEO of RAK Properties.