Sorouh Real Estate's executive management team earned Dh15 million (US$4.1m) last year, the Abu Dhabi property developer revealed yesterday.
In a display of transparency that is rare in the region, the company announced that managing director, Abubaker Al Khoori, was paid Dh4.6m in salary and allowances, according to a corporate governance report posted on the Abu Dhabi stock exchange website.
Meanwhile, Gurjit Singh, the company's chief operating officer, earned Dh2.9m. Richard Amos, Sorouh's chief financial officer received Dh2.6m.
Fahad Al Ketbi, the chief commercial officer, earned Dh2.6m, while Paul Warren, the chief strategy officer, earned Dh2.3m.
The corporate governance report offers a rare glimpse into the salaries paid to executives in the UAE.
Sorouh declined to comment.
Sorouh and Aldar, two of Abu Dhabi's biggest property developers, this month announced plans to consider a merger.
Developers in the capital were hit hard by the global financial crisis, with prices in the UAE falling by as much as 60 per cent from their peak in some locations. Still, Sorouh reported a healthy profit for last year. The company made Dh383.3m compared with Dh16.1m in 2010.
Revenue for the full year was Dh3.8bn compared with Dh1.2bn in 2010, Sorouh reported.
This was driven by the handover of its Sun and Sky towers, which generated Dh2.2bn, while recurring revenue, a land sale and national housing projects also helped to boost the company's profit.
Meanwhile in Dubai, Nakheel yesterday said it would launch sales for its new townhouse project on the Palm Jumeirah on Monday. The developer said there had been an increase in prices of villas on the Palm, which were now selling for about Dh1,500 per square foot.
"Rents have [also] gone up in some of the localities [in Dubai]," said Sanjay Manchanda, the acting chief executive of Nakheel. "We are seeing in our own developments a demand for bigger properties. People are willing to go for higher prices, which means there is a revival in the market."
twitter: Follow our breaking business news and retweet to your followers. Follow us
