RAK Properties' General Body Meeting approves dividend of 5 fils per share

The meeting further approved the Board of Directors report on the company's activities and financial performance for the fiscal year ended 31 December 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 & loss statement.

The shareholders approved the proposal of the Board of Directors to distribute a cash dividend to the shareholders, equivalent to 5% 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, MD & 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% to reach Dhs147m, compared to Dhs108.4m 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 Dhs184m 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.

RAK Properties have boosted its sources of its revenues in 2012, which was a topic of detailed discussion and appreciation by shareholders. The new line is represented by two retail complexes of the company in Julphar Towers and Mina Al Arab, which will ensure a constant revenue stream for the company in the coming period.

The General Body Meeting was held on Saturday 16th March 2013, after its postponement on Saturday (9th March 2013) for the lack of quorum.