Emaar to distribute dividend on Dec. 23

Dubai’s Emaar Properties will distribute a special cash dividend of Dh9 billion to shareholders on December 23, 2014, the company said.

The special cash dividend being distributed this month, takes the total dividend distributed in 2014 to Dh17.12 billion.

“This year has been extremely significant for Emaar as we demonstrated our focus on building value for our shareholders. They have consistently stood by us in our growth journey, trusting our strategy to develop our competencies in shopping malls and retail and hospitality and leisure apart from developing iconic projects and expanding to high-growth international markets,” Mohamed Alabbar, Chairman of Emaar Properties, said in a statement.

Earlier this year, the developer has distributed dividends of Dh8 billion including 15 per cent cash dividend, equivalent to about Dh975 million and 10 per cent bonus shares, or 650 million shares, valued at about Dh7.12 billion at Dh10.95 per share, as of April 23, 2014.

The special cash dividend follows the successful IPO and listing of the Emaar Malls Group, the shopping malls and retail business of Emaar Properties, which had recorded total orders of over Dh172 billion. Emaar had committed to distribute the proceeds from the IPO as dividend to shareholders.

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