Egypt’s tycoon Naguib Sawiris joins UAE RAK Properties’ executive committee

The board of RAK Properties, listed on the Abu Dhabi Securities Market (ADX), has decided to hire the Egyptian billionaire businessman Naguib Sawiris as a member of the company’s executive committee.

This came after Sawiris has been elected as a board member of the ADX-listed real estate developer at the company’s general meeting held last March, according to a bourse filing.

It is worth noting that Egyptian magnate Samih Sawiris is the current chairman of Orascom Development Egypt.

The board had recently approved dividends increase to reach 6%, or 6 fils per share of the stock’s nominal value for 2017, instead of 5%.

RAK Properties’ board had appointed Mohamed Hassan Omran as the company’s chairman and Abdulaziz Abdulla Salem Alzaabi as deputy chairman.