The Board of Directors of Arabtec Holding PJSC number 1 for 2012 was held on Wednesday March 7 at 14:00 at Arabtec Head Office, Dubai. 

There being a quorum the meeting started and the Chairman of the Meeting welcomed the Board Members. 

• The Board reviewed and approved the minutes of the previous Board Meetings.

• The Board of Directors of Arabtec Holding PJSC reviewed and approved the financial results of Arabtec Holding PJSC ending 31 December 2011. The revenue for the period was AED 5,003 million with a profit after accounting for minority interest of AED 260.5 million. 

• The Board authorized the CEO of the company Mr. Riad Kamal to sign the accounts on behalf of the Board of Directors and to release them to the DFM and SCA as soon as the final documents are prepared.

• The Board reviewed and agreed on the Budgets for the year 2012.

• The Board was updated on various existing and potential projects and on new markets and opportunities the company is pursuing. 

• The Board agreed to call for the Annual General Meeting on Thursday April 5, 2012 and instructed the CEO of the company Mr Riad Kamal to take all necessary actions to call for such a meeting in consultation with the appropriate regulatory authorities. 

• Recommend the payment of a dividend through issuance of bonus shares equivalent to 5% of the company's present capital and a payment of 5.00 fils per share of the company's present capital as cash dividend for the year ended 31/12/2011.

• The establishment of a bonus pool of AED 15 million to be distributed to the Junior and Middle employees subject to eligibility terms to be agreed by the CEO.

• The Board reviewed and approved the Draft Governance Report for 2011.

• There being no other business, the Board of Directors Meeting (1) 2012 ended at 16:00.


The Board Resolved

1. To approve the audited accounts for Arabtec Holding PJSC and to authorize the CEO Mr. Riad Kamal to sign the financial statements for the period ending 31 December 2011 and to release them

2. To call for the Annual General Meeting on Thursday April 5, 2012 at a time and a place to be announced after all regulatory approvals are obtained

3. Recommend the payment of a dividend through issuance of bonus shares equivalent to 5% of the company's present capital and a payment of 5  fils per share  of the company's present capital as cash dividend for the year ended 31/12/2011.

4. To establish a bonus pool of AED 15 million to be distributed to the Junior and Middle employees subject to eligibility terms to be agreed by the CEO.