CEO of RAK Properties terminated

Posted on 10th June 2019

CEO of RAK Properties terminated
Image courtesy of: https://www.thenational.ae/image/policy:1.776921:1557038652/rak-properties.jpg?f=16x9&w=1200&$p$f$w=f992e52

According to *Constructionweekonline news report, the chief executive officer of Abu Dhabi Securities Exchange-listed Rak Properties, Samuel Dean Sidiqi, has been terminated from his position at the UAE real estate company one year after he was hired for the role. 

Rak Properties' board announced the administrative decision following a meeting earlier this month, and said the move would not affect its share price.

Construction Week has contacted Rak Properties' media team for additional information and will update the story if and when it receives a response. 

The Ras Al Khaimah-based developer appointed Sidiqi as its CEO in May 2018.

Last year, the developer recorded a decline of 21.4% in its profits, reaching $41.1m (AED151m) in 2018.

Rak Properties attributed the plunge to an "unusual drop in sales and leasing transactions". 

Earlier this year, Rak Properties awarded $136m (AED500m) construction, infrastructure and landscaping contract for its Marbella-branded homes to Al Ali Construction and Development.

*News source: https://www.constructionweekonline.com/business/241732-uae-real-estate-firm-rak-properties-fires-ceo-samuel-dean-sidiqi

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