Emaar will not pay dividend for 2008

Dubai's Emaar Properties will not pay a dividend for 2008, according to a resolution adopted by its board of directors, after posting a Dh1.77 billion ($481.9 million) quarterly loss due to US writedowns.

The company will retain its 2008 profit for reserves, according to a statement released by the company late on Tuesday.

The company paid a 20 per cent dividend for 2007.

Last Thursday, Emaar posted a fourth quarter loss of Dh1.77 billion and said it would put new projects on hold in its weakening home market. The largest listed Arab real estate developer listed a 2008 net profit of Dh3 billion compared to Dh6.58 billion in 2007.