Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

UAE - General Assembly decides not to distribute dividends   Join our daily free Newsletter

MENAFN - Arab Times - 20/03/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab Times) First Dubai Real Estate Development Company yesterday morning held its Ordinary and Extraordinary General Assembly for the financial year ending on Dec 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 KD 72.6m in 2013, compared to KD66.4m in the previous year. The total liabilities were KD13.8m in 2013 compared to KD 15.2m 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





Succeeded

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

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





Transaction

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

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




 






  MENA News Headlines
 Jul 25 2014 - Dubai's R&B launches two stores in SaudiMENAFN
(MENAFN) The Dubai-based giant Apparel Group's fashion arm R&B, most recognized for its exciting portfolio of international fashion and accessories brands, plans to open two stores in Dhahran and ...

 Jul 25 2014 - UAE's du, Etisalat sign agreementMENAFN
(MENAFN) Du, the UAE's second biggest telecoms operator, has signed a network sharing deal with Etisalat to offer Internet-based phone calls and broadband services across the country before the ...

 Jul 24 2014 - A forgotten tragedyUN experts call for a stronger response to internal displacement in NigeriaMENAFN Press
(MENAFN Press) GENEVA Switzerland July 23 2014/African Press Organization (APO)/ -- Two United Nations human rights experts today called on the Government of Nigeria and the international community ...

 Jul 24 2014 - Address by Cathy McLeod Parliamentary Secretary to the Minister of LabourMENAFN Press
(MENAFN Press) OTTAWA Canada July 24 2014/African Press Organization (APO)/ -- Check Against Delivery Good morning/afternoon. Thank you for joining us. We are here today to discuss a global ...

 Jul 24 2014 - Flydubai to start Mumbai flights in OctoberspanKhaleej Times
(MENAFN - Khaleej Times) Bai-based flydubai on Wednesday announced the launch of flights to Mumbai bringing the total number of destinations served by the carrier in India to seven with 25 flights a ...

 Jul 24 2014 - Dubai: A vision not an illusionspanKhaleej Times
(MENAFN - Khaleej Times) W laws will reinforce Dubais position as a sought-after global investment and business destination Hisham Abdulla Al Shirawi tells Khaleej Times “Dubai and the UAE as a ...

 Jul 24 2014 - Real estate deals in Dubai hit Dh113 billionspanKhaleej Times
(MENAFN - Khaleej Times) Ga projects and investor confidence behind strong transaction volumes The launch of mega projects and renewed investor confidence have boosted real estate transactions in ...

 Jul 24 2014 - Mashreq bank profit surges 40spanKhaleej Times
(MENAFN - Khaleej Times) Shreq bank announced on Wednesday a 40 per cent increase to Dh1.The bank said it net profit in the second quarter reached Dh585 million an increase of 45 per cent from last ...

 Jul 24 2014 - Marka to list on DFM in SeptemberspanKhaleej Times
(MENAFN - Khaleej Times) Rka a public joint stock company with a capital of Dh500 million on Wednesday announced plan to list its shares on the Dubai Financial Market in the second week of September ...

 Jul 24 2014 - Al Maya opens supermarket in Al Reem IslandspanKhaleej Times
(MENAFN - Khaleej Times) Maya Group has extended its reach in Abu Dhabi by opening its fourth supermarket in the countrys capital and first on Al Reem Island the company said.“The group ...

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

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

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
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

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


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help