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

Big 5

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.