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28 March 2024

Emaar to give 10% dividend

Emaar's 15th Annual General Meeting (Supplied)

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By Staff

Emaar Properties, the global property developer, held its 15th Annual General Meeting (AGM) today in Dubai, approving 10 per cent cash dividend - equivalent to about Dh609 million.

The AGM also approved the report of the Board of Directors on the company’s activities and financial position, and the Auditors’ report for the year ending December 31, 2012.

In addition to granting approval for the members of the Board to carry on activities included in the objects of the company that are not directly competing, the AGM also appointed Ernst & Young as the Auditors for year 2013. 

Addressing the shareholders, Mohamed Alabbar, Chairman of Emaar Properties, said: “Led by the visionary guidance of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, the resurgent growth of Dubai’s core economic sectors – trade, retail, hospitality, aviation and tourism – was a positive force for Emaar’s growth in 2012.

“We recorded overwhelming response to our new project launches, and the massive boost in investor confidence resonates across the economy. Today, Emaar’s prime real estate assets, across the world, have been transformed into self-sustaining businesses that are now entering a new era of growth.”

He added: “Our outlook for 2013 is positive, and we are committed to create long-term value for our stakeholders. As a premier property developer, our foremost responsibility will be to develop prime real estate assets through master-planned developments that also serve as economic growth engines.

“In Dubai, we will leverage the market buoyancy and develop iconic projects that add to the city’s civic pride. We will also develop new shopping mall & retail and hospitality & leisure assets in our key markets. Performance backed by purpose and social responsibility will be our watchwords in our journey forward.”