Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Abdul Aziz Al Loughani "First Dubai" achieves KD 6.7 m as a result of operating activities with a 757% leap  Join our daily free Newsletter

MENAFN Press - 19/03/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN Press) First Dubai Real Estate Development Company yesterday morning held its Ordinary and Extraordinary General Assembly for the financial year ending on December 31, 2013, with the rate of attendance up to 90.81%, in the meeting room at the Ministry of Trade and Industry. The meeting was held in the presence of a number of the company's shareholders and representatives of the local press and media



Abdul Aziz Bassem Al Loughani, the Chairman of the Board of Directors, opened the General Assembly Meeting by reading the report of the Board, through which he stressed that the company had exerted strenuous efforts throughout the last year to achieve the interest of the company, its shareholders and customers



Al Loughani pointed out the company's positive financial results over the past year, after the completion, delivery and sale of a large number of real estate units in the Emirate of Dubai, including residential villas in "The Villa" Project in Dubai Land. The company succeeded in selling office spaces within "The Business Avenue" Project in Jumeirah Lakes. Additionally, an occupancy rate surpassing 95% was achieved in the "Sky Gardens" Project in Dubai International Financial Centre.



He stressed that First Dubai Company is moving ahead towards the preparation of a strategic plan through which it intends to develop new projects and engage in feasible investments, in light of the financial stability and real estate recovery, and due to the solid financial base of the company: it owns strong assets amounting to KD72.6m in 2013, compared to KD66.4m in the previous year. The total liabilities were KD13.8m in 2013 compared to KD15.2m in 2012



He said that the company holds tremendous assets which are intended to be developed in the near future, including residential and commercial land draft in "Shams Abu Dhabi", located in Al Reem Island, which the company is studying the possibility of redeveloping with other investors. The company is also currently working on the development of middle-housing residential vouchers in the "Q-point" Project, within Liwan Residential System in the Emirate of Dubai





Financial Result

Al Loughani reviewed the company's financial results, saying that First Dubai has succeeded in achieving a net profit that stood at KD 6.7m at the end of last year, with earnings per share up to 6.73 fils, compared to 0.79 fils in the same period last year. First Dubai Real Estate Development saw operating revenues amounting to KD 5.3m in 2013, compared to KD 2.76m in 2012, representing a 92-% rise. The revenues of the sold projects surged 135%- to KD 3.8m in 2013, compared to KD 1.6m in 2012



Ordinary General Assembly Agend



The Ordinary General Assembly of First Dubai Real Estate Development Company listened to and approved the report of the Board of Directors for the financial year ending on December 31, 2013. They also listened to and approved the Auditor's Report along with the financial statements for the fiscal year ending in that same period



First Dubai Assembly approved the Board of Directors to complete the transactions with the relevant parties. They also approved the recommendations of the Board to not distribute dividends for the fiscal year ending on December 31, 2013, and further approved remuneration of the members of the Board amounting to KD 40 thousand for the completed fiscal year.



The Assembly also approved the Chairman or a member of the Board of Directors, to commercialize for the company or any activity practiced by the company, in accordance with article 228 of the Companies Act 2012 No. 25 and article 16 of the statute. They also authorized the Board to purchase or sell shares of the company, but not to exceed 10 percent of the number of its shares, in accordance with article 175 of the law 25 for the year 2012 and the instructions of the Capital Markets Authority which organize the shareholding corporate purchasing to its shares (Treasury Shares) and how to use and dispose them.



The members of the Board were discharged related to their legal actions for the fiscal year ending on December 31, 2013. The Assembly also appointed or re-appointed auditors of the company for the fiscal year ended on December 31, 2014, and authorized the Board of Directors to determine their remuneration





Extraordinary Assembl

For their part, the Extraordinary General Assembly approved the amendment of article 13 and article 15 of the Statute, in such a manner that a five-member board of directors assumes the company management. A member of the board shall be required to personally be an owner or the person who represents him shall own a number of the company's shares. The concerned person shall be responsible for similar acts towards the company, its creditors and shareholders



The articles (16) and (17) of the Statute which are concerned with the conditions of the Board membership were amended. The Assembly also approved the amendment of the article (19) of the Regulations to read as follows: 'The Board of Directors shall appoint a Chief Executive Officer who shall be entrusted to manage the company, and the Board shall determine his allocations and powers to sign for the company. It may be illegal to combine between the post of Chairman of the Board and Chief Executive Officer. The Board of Directors shall also have a secretary to be appointed from among the members of the Board, the Executive Management or from abroad, based on a decision of the Board to take reports of the meetings which shall be signed by the Secretary and all the present members'.



The Assembly has amended the following articles: article (20) concerned with the power to sign, article (21) pertaining to the meetings of the Board of Directors, which are held at least six times during one year in response to the invitation of its chairman, and article (22) of the Statute



Likewise, articles (24) and (25) pertaining to the powers and reward of the members of the Board of Directors have also been amended. In addition, the amendments related to the statute and included within the Extraordinary Assembly Agenda have all been ratified



After the ratification of the Agenda, the Chairman closed the Extraordinary General Assembly upon the acceptance of the attendees


About First Dubai
First Dubai

 


MENAFN Press




  MENA News Headlines
 Apr 18 2015 - Top Saudi cleric says Yemen operation in line with Shariah rulesThe Peninsula
(MENAFN - The Peninsula) IN their Friday sermons, imams in several mosques across the Kingdom said Saudi Arabia's decision on the military operation in Yemen was timely and historic with Imam and ...

 Apr 18 2015 - Construction of Dubai Metro extension a feat of engineeringThe Peninsula
(MENAFN - The Peninsula) It took more than 1,000 experts to turn the Dubai Metro dream into a reality and build the first driverless rail network in the Middle East.At 75 kilometres, the metro is the ...

 Apr 18 2015 - Saudi Maaden net profit at USD69.57m in Q1MENAFN
(MENAFN) Saudi Mining Co. (Maaden) has reported its first-quarter net profit more than doubled year on year, but the earnings still fell short of analysts' forecasts, Arab News reported.The Gulf's ...

 Apr 18 2015 - Rolls-Royce wins USD9.2b order for Emirates enginesMENAFN
(MENAFN) Rolls-Royce said it had won a USD9.2 billion order to supply engines for 50 A380 aircraft for Dubai's Emirates airline, providing a boost for the British company, Arab News ...

 Apr 18 2015 - Saudi RCJY industrial cities investments hit USD266.55bMENAFN
(MENAFN) The volume of investments injected into Jubail, Yanbu and Ras Al-Khair industrial cities reached USD266.55 billion, president of the Royal Commission for Jubail and Yanbu (RCJY) said, Arab ...

 Apr 18 2015 - Obama to host Gulf leaders on May 13-14The Peninsula
(MENAFN - The Peninsula) US President Barack Obama will welcome the six leaders of the Gulf Cooperation Council states in mid-May for talks on Iran's nuclear programme and the conflicts in Yemen, ...

 Apr 18 2015 - Qatar- Bangladeshis mark Mujibnagar DayThe Peninsula
(MENAFN - The Peninsula) The Embassy of Bangladesh in Qatar and the Bangladeshi community observed Mujibnagar Day today with solemnity. Mujibnagar Day is observed every year in Bangladesh and the ...

 Apr 18 2015 - Syrian doctors ask Russia to help unblock medical aidThe Peninsula
(MENAFN - The Peninsula) Two Syrian doctors urged Russian diplomats at the United Nations on Friday to put pressure on President Bashar al-Assad to allow life-saving medical supplies into a besieged ...

 Apr 18 2015 - Qatar highlights water security challenges at World Water ForumThe Peninsula
(MENAFN - The Peninsula) H E Dr Mohamed bin Saleh Al Sada, the Minister of Energy and Industry, led Qatar's delegation at the Seventh World Water Forum, along with Eng. Essa bin Hilal Al Kuwari, ...

 Apr 18 2015 - Qatar- Gasna competition winners namedThe Peninsula
(MENAFN - The Peninsula) Winners of the Qatar University (QU) Sixth Gasna Competition were announced at a closing ceremony recently.The competition, which is an initiative organised annually by the ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help