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Mon 15 Jan 2018 01:20 PM

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Emaar shareholders to get $1bn windfall after unit IPO

Company's general meeting resolves to distribute special dividend after IPO of Emaar Development

Emaar shareholders to get $1bn windfall after unit IPO
Emaar chairman Mohamed Alabbar.

Emaar Properties has announced that shareholders will receive a AED4 billion ($1.09 billion) windfall from the proceeds of the IPO of its development unit late last year.

The company's general meeting, chaired by Mohamed Alabbar, resolved to distribute special cash dividends of AED4 billion after the public offering of shares in Emaar Development.

The dividend payment will be just over AED3 billion, representing 42 percent of the capital this month, followed by an additional AED1 billion after approval by the General Assembly of the company in April.

Speaking at the Dubai Financial Market bell ringing ceremony in November, Alabbar said that the listing of the shares marked “a transformative day” for Emaar Development.

“Already a flagship brand and a market leader in Dubai, our successful IPO demonstrates that regional and international investors are excited by our proven business model,” he said.

“We are confident that this is just the beginning of a bright future for Emaar Development and our shareholders."

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