UAE real estate developer RAK Properties has appointed Sameh Al Muhtadi as its new chief executive, the company said on Wednesday.
Mr Al Muhtadi, who has previously worked with real estate companies in the UAE, Saudi Arabia, Egypt and the US, joined the company on August 22 after completing the required contractual process, RAK Properties said in a brief statement to the Abu Dhabi Securities Exchange, where its shares are traded.
He was the chief executive of Abu Dhabi’s Bloom Holding from 2014 to 2019 and most recently the president of Al Futtaim Contracting in Dubai, according to his LinkedIn page.
Mr Al Muhtadi was also the chief executive of Emaar in Cairo from 2007 to 2010.
The new appointment comes as the UAE’s property market rebounds from the coronavirus pandemic with property transaction numbers increasing across the country.
Pent-up demand and improved investor sentiment as well as new initiatives, such as visas for retirees and the expansion of the 10-year golden visa programme, have helped to drive property sales up.
Abu Dhabi recorded 7,474 property transactions worth more than Dh22.51 billion ($6.12bn) in the first six months of the year, data released by the emirate's Department of Municipalities and Transport last month showed.
Dubai, meanwhile, registered 25,972 property transactions in the first quarter of this year, the highest number of quarterly deals since 2010, according to Mo’asher, the emirate’s official sales price index issued by the Dubai Land Department in partnership with Property Finder.
The Dubai market also hit a 12-year high for the month of July in terms of the number of sales, a report by Property Finder showed.
RAK Properties is developing the Dh10bn Mina Al Arab master development off the coast of Ras Al Khaimah as well as other projects in the emirate.
The company reported a loss of Dh4.9 million in the second quarter of this year compared with a profit of Dh55.6m during the same period last year, as a result of lower revenue, its financial statement showed.
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Company profile
Company: Eighty6
Date started: October 2021
Founders: Abdul Kader Saadi and Anwar Nusseibeh
Based: Dubai, UAE
Sector: Hospitality
Size: 25 employees
Funding stage: Pre-series A
Investment: $1 million
Investors: Seed funding, angel investors
Tour de France 2017: Stage 5
Vittel - La Planche de Belles Filles, 160.5km
It is a shorter stage, but one that will lead to a brutal uphill finish. This is the third visit in six editions since it was introduced to the race in 2012. Reigning champion Chris Froome won that race.
A list of the animal rescue organisations in the UAE
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
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hall of shame
SUNDERLAND 2002-03
No one has ended a Premier League season quite like Sunderland. They lost each of their final 15 games, taking no points after January. They ended up with 19 in total, sacking managers Peter Reid and Howard Wilkinson and losing 3-1 to Charlton when they scored three own goals in eight minutes.
SUNDERLAND 2005-06
Until Derby came along, Sunderland’s total of 15 points was the Premier League’s record low. They made it until May and their final home game before winning at the Stadium of Light while they lost a joint record 29 of their 38 league games.
HUDDERSFIELD 2018-19
Joined Derby as the only team to be relegated in March. No striker scored until January, while only two players got more assists than goalkeeper Jonas Lossl. The mid-season appointment Jan Siewert was to end his time as Huddersfield manager with a 5.3 per cent win rate.
ASTON VILLA 2015-16
Perhaps the most inexplicably bad season, considering they signed Idrissa Gueye and Adama Traore and still only got 17 points. Villa won their first league game, but none of the next 19. They ended an abominable campaign by taking one point from the last 39 available.
FULHAM 2018-19
Terrible in different ways. Fulham’s total of 26 points is not among the lowest ever but they contrived to get relegated after spending over £100 million (Dh457m) in the transfer market. Much of it went on defenders but they only kept two clean sheets in their first 33 games.
LA LIGA: Sporting Gijon, 13 points in 1997-98.
BUNDESLIGA: Tasmania Berlin, 10 points in 1965-66
