New Emaar projects in Dubai this year

AGM okays 10% dividend; Elects 7 new members

Emaar Properties on Monday declared 10 per cent cash dividend, equivalent to about Dh609 million, at the 14th Annual General Meeting held in Dubai.

The AGM also elected the new Board of Directors, nominated by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council.

The new Board of Directors are:

Mohamed Ali Rashed Alabbar
Hussain Ahmad Dhaen Alqemzi
Ahmed Jamal Jawa
Ahmad Thani Rashed Al Matrooshi
Abdulla Mohammed Saeed Al Ghobash
Jamal Majed Bin Thaniyeh
Arif Obaid Saeed Aldehail
Abdul Rahman Hareb Rashed Al Hareb
Fadhel Abdulbaqi Abulhasan Alali
Marwan Abedin
Abdulla Saeed Balyoahah

The assembly also approved the report of the Board of Directors on the activities and financial position of the company and the balance sheet, and granted approval for the members of the board to carry on activities relating to real estate. The AGM appointed Ernst and Young as the Auditors for the year 2012.

Addressing the shareholders, Alabbar, Chairman of Emaar Properties, said: “The positive economic impact of our trophy assets, such as Burj Khalifa, The Dubai Mall and The Address hotels within Downtown Dubai makes us a catalyst for the economic growth of the city. Having underlined our credentials in superior developments and ensuring best-in-class customer service, we will strengthen our market leadership in Dubai by launching new projects in the city this year.”

With total assets of more than Dh60 billion ($16.35bn), investment properties and fixed assets of Dh16.4bn and development property valued at Dh26.2bn, Emaar highlighted its robust fundamentals in 2011. Last year, Emaar recorded a net operating profit of Dh2.058bn and annual revenues of Dh8.112bn.

The shopping malls, retail and hospitality businesses of Emaar contributed Dh3.36bn to annual revenues, representing 41 per cent of the Company’s annual revenue for 2011. In addition, the contribution of international operations to 2011 annual revenue almost doubled to Dh1.81bn, compared with Dh973 million in 2010. The Dubai Mall, the flagship development of Emaar, hosted record visitor arrivals of 54 million in 2011, and is billed as the world’s most visited shopping and leisure destination.

Emaar is focused on strengthening its competencies in developing prime real estate assets in the Middle East and North Africa region and the Indian Subcontinent as well as its successful shopping malls and retail and hospitality & leisure businesses, and expanding to key markets globally.

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