Sorouh Real Estate Co. (SOROUH), Abu Dhabi’s second-biggest developer, paid its management team a total of 15.2 million dirhams ($4.14 million) in compensation and incentives last year, the company said in a governance report today.
The developer’s Managing Director Abubaker Al-Khouri earned 4.7 million dirhams in 2011, while Chief Operating Officer Gurjit Singh gained 3 million dirhams. Chief Financial Officer Richard J Amos and Chief Commercial Officer Fahad Al Ketbi each earned 2.6 million dirhams. Chief Strategy Officer Paul H Warren earned 2.3 million dirhams, according to the report posted on Abu Dhabi’s bourse today. The report listed the executives by their titles only but a spokesman for the company confirmed their names.
Sorouh and larger competitor Aldar Properties PJSC (ALDAR) on March 11 said they are studying the possibility of a merger with the “blessing” of the emirate’s government. A team, set up by both companies, will present a plan in the next three months. Government-owned Mubadala Development Co. holds 49 percent of Aldar while the Abu Dhabi Investment Authority, a sovereign wealth fund, has a 7 percent stake in Sorouh.
Sorouh’s shares fell 0.8 percent to 1.22 dirhams yesterday. The stock has surged 44 percent so far this year. Aldar’s closed unchanged yesterday, while the developer’s shares climbed 46 percent so far this year.
To contact the reporter on this story: Zainab Fattah in Dubai on email@example.com
To contact the editor responsible for this story: Andrew Blackman at firstname.lastname@example.org