RAK Properties appoints new CEO

Sameh H M Al Muhtadi’s appointment comes as the real estate developer focuses on the GCC region

August 25, 2022 UAE Real Estate

Real estate developer RAK Properties has appointed a new CEO, Sameh H M Al Muhtadi, effective this week, the company announced on August 24.

RAK Properties said in a statement to the Abu Dhabi Securities Exchange (ADX) that Muhtadi has immense experience in the real estate sector across the USA, Saudi Arabia, Egypt and the UAE.

The role was previously filled by acting CEO Mohammed Al Tair, according to the company’s website.

As per a press release on Zawya, the company posted a net loss of AED 4.92 million in the second quarter of 2022, down from a profit of AED 55.67 million year-on-year. According to a post on Linkedin, the company had earned a revenue of more than AED193 million in the first half of 2022.

RAK Properties, had recently held a groundbreaking ceremony on July 6 for Gateway Residences II, RAK Properties’ latest waterfront addition to Hayat Island, Mina Al Arab, Ras Al Khaimah.

RAK Properties Real estate developer Sameh H M Al Muhtadi Abu Dhabi Securities Exchange (ADX) GCC countries

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