Emaar to propose dividend at AGM

Emaar Properties, the largest Arab property developer by market value, is likely to propose a 2006 dividend at an annual general meeting to be held at 5pm today.

"The dividend will be proposed and approved at the forthcoming annual general meeting," the directors said in the statement last month. If there is no quorum, the meeting will be rescheduled for March 18, the company said.

The dividend announcement is important because Gulf Arab investors, their confidence battered by a crash last year, are punishing stocks of companies that fail to meet their dividend expectations. Emaar's silence on dividends in the weeks after its fourth profit report weighed on its stock.

Investors expect the dividend to range between 50 and 65 per cent, analysts, including Mohammed Yasin of Emirates Securities, have said.

Emaar paid a cash dividend of 40 fils per share in 2005.

The company's ninth AGM will be held at 5pm at the Sheikh Rashid Hall, Dubai International Convention Centre.

The AGM will declare transfers to reserves, seek the approval by the shareholders of Emaar's annual results and appoint auditors for 2007, according to a statement made by the company this morning.

Emaar made a net profit of 6.371 billion dirhams ($1.74 billion) in 2006, up 35% from the previous year.

The company transferred 10% of its profit to general reserves and will not be distributed to shareholders, according to a statement made by Emaar last month.

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