Built to inform

Sign up for the daily newsletters

No, Thank you

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

Samuel Dean Sidiqi joined Rak Properties as CEO in May 2018.
CW Archives
Samuel Dean Sidiqi joined Rak Properties as CEO 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.

Most popular

Awards

Construction industry conversations around digitisation must evolve
The Middle East construction industry’s approach to tech must evolve and focus on how can

Conferences

CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this
CW In Focus | Leaders in Construction Summit UAE 2019
A roundup of Construction Week's annual summit that was held in Dubai this September

Latest Issue

Construction Week - Issue 753
Nov 09, 2019