Ras Al Khaimah, 3 April, 2021: The Annual General Meeting of RAK Properties PJSC was held yesterday at the Double Tree Al Murjan Hotel. The meeting was chaired by His Excellency Mohamed Hassan Omran Al Shamsi, Chairman of the Board of Directors, and was attended by members of the Board of Directors of RAK Properties, management personnel, shareholders, as well as many specialists in the real estate and financial sectors in the United Arab Emirates.

The company's management allowed the shareholders to attend the meeting venue in the hotel, as well as providing the option to remotely participate, with real-time visual communication and electronic voting, in line with the precautionary measures and in implementation of directives by the Securities and Commodities Authority.

After hearing the report of the Board of Directors on the company's activities, the AGM approved the consolidated financial statements for the fiscal year ending on December 31, 2020, in addition to discussing the company's balance sheet and the losses and profits. A new Board of Directors was also elected, amid an atmosphere of optimism about the company’s ability to achieve more successes during the coming period. The election resulted in the following Board of members:

Abdulaziz Abdulla Al Zaabi, Mohammed Ahmad Ali Ruqait, Sheikh Ahmed Omar Al Qassimi, Mohamed Ghobash Ahmed Ghobash, Mohammed Abdulla Musabbah AlNuaimi, Abdullah Rashid Jassim Al Abdouli, Yaser Abdullah Mohammed Al Ahmad, and this has decided to appoint Abdulaziz Al-Zaabi as Chairman of the Board of Directors and Muhammad Ahmad Ruqait as Vice Board.

The new Board of Directors thanked and appreciated the former members of the Board for their contribution to the successes and achievements of the company over a long journey full dedication and commitment that contributed to the benefits of the society in the emirate of Ras Al Khaimah, the shareholders of the company, and enabled it to reach its distinguished position among the forefront of real estate companies in the UAE and the region.

After achieving net profits of 114 million dirhams in 2020 compared to 93 million dirhams in 2019, and the increase of the group's assets to 5.8 billion dirhams at the end of 2020 compared to 5.6 billion dirhams in the previous year, RAK Properties continues to achieve its positive financial results through existing projects and the efforts of those working hard to deliver them, despite the challenges that the real estate sector has faced due to the COVID-19 pandemic. The company has continued to develop its qualitative projects to contribute to creating sustainable lifestyle within modern societies for future generations.

RAK Properties’ recent financial results confirm the strength of its financial position, which is based on the diversity of its portfolio, the confidence of its customers, its commitment to the vision of the wise leadership to increase the attractiveness of the Emirate of Ras Al Khaimah, and its keenness to establish residential and commercial complexes that provide investors with remunerative returns, while adhering to high quality standards in design and construction.