Emaar Properties AGM approves 15% cash dividend - Emirates24|7

Emaar Properties AGM approves 15% cash dividend

Caption Mohamed Alabbar, Chairman of Emaar Properties, addresses the Annual General Meeting in Dubai on Monday (Supplied)

The 18th Annual General Meeting of global developer Emaar Properties today approved a cash dividend of 15 per cent of the share capital, equivalent to Dh1.074 billion (US$ 292 million), for distribution to the shareholders.

The meeting also approved the report by the Board on the activities and financial position of the company as well as the Auditor’s report for the financial year ending December 31, 2015.

As per the Securities & Commodities Authority Resolution No 2.2015, cash dividend payments will be made either through iVestor Cards or via bank account transfer. Emaar has urged shareholders to secure their DFM Investor Number and update their payment method to either iVestor Card or Bank Account Transfer.

Mohamed Alabbar, Chairman of Emaar Properties, said that 2016 will be a significant growth year for Emaar having recorded robust results led by the positive growth of the Dubai economy.

“With all core sectors of the economy performing exceptionally well, and with the preparations for the Expo 2020 Dubai progressing in full swing, the coming years will witness healthy growth trends in Dubai that support all the three core businesses of Emaar – property development, shopping malls & retail and hospitality & leisure.”

“We are setting new benchmarks this year, particularly with the opening of Dubai Opera, a multi-format events venue in Downtown Dubai. Emaar has also rolled out the magnificent tower that will form the vibrant heart of Dubai Creek Harbour, a one-of-a-kind masterplannned community that will further energise the city by welcoming visitors from around the world,” he added.

Alabbar said that Emaar’s strategy of developing prime real estate assets that meet the real demand for world-class residences in central locations is further highlighted by the progress in Dubai Hills Estate and the launches of high-end homes in Downtown Dubai and Arabian Ranches. Emaar is also expanding its development portfolio in high-growth international markets including Saudi Arabia, Egypt, India and Turkey, among others, where the company has unveiled several world-class master-planned communities.

“The shopping malls business will gain further traction with the launch of a dedicated Retail District in Dubai Creek Harbour and the expansion of The Dubai Mall by another 1 million sq ft built-up area, while our hospitality business will see the ambitious launch of several new hotels and serviced residences in Dubai and other international markets under our three hotel brands including the newly launched value lifestyle Rove Hotels,” he said.

With assets valued at over Dh165 billion (US$ 45 billion) and a land bank of 196 million sqm in the UAE and international markets, Emaar recorded full-year 2015 net operating profit of Dh4.383 billion (US$ 1.193 billion), 18 per cent higher than the FY2014, and revenue of Dh13.661 billion (US$ 3.719 billion), 33 per cent higher than the previous year.