UAE real estate firm Rak Properties fires CEO Samuel Dean Sidiqi
Rak Properties did not reveal why its board terminated the services of Sidiqi, who was appointed to the role in May 2018
The chief executive officer of Abu Dhabi Securities Exchange-listed Rak Properties, Samuel Dean Sidiqi, has been terminated from his position at the UAE real estate company one year after he was hired for the role.
Rak Properties' board announced the administrative decision following a meeting earlier this month, and said the move would not affect its share price.
Construction Week has contacted Rak Properties' media team for additional information and will update the story if and when it receives a response.
The Ras Al Khaimah-based developer appointed Sidiqi as its CEO in May 2018.
Last year, the developer recorded a decline of 21.4% in its profits, reaching $41.1m (AED151m) in 2018.
Rak Properties attributed the plunge to an "unusual drop in sales and leasing transactions".
Earlier this year, Rak Properties awarded $136m (AED500m) construction, infrastructure and landscaping contract for its Marbella-branded homes to Al Ali Construction and Development.