Dubai construction giant Emaar will propose 15% of the share capital as dividend at annual general meeting on Monday
The 23rd annual general meeting (AGM) of Emaar Properties, which is scheduled to take place on Monday, will propose the distribution of a AED1.07 billion ($290 million) dividend.
The proposal represents 15 percent of the share capital being distributed to shareholders, state news agency WAM reported.
The dividend plan follows an earlier announcement that Emaar's net profit for 2018 totalled AED7.2 billion, a 30 percent increase over 2017, prior to considering the effect of the IPO of Emaar Development and forex movement.
Revenue in 2018 was AED25.7 billion, a growth of 37 percent over the previous year.
Earlier this month, Emaar confirmed that it is partnering with designer Elie Saab on Emaar Beachfront, a gated island destination in Dubai.
The developer said it is partnering for the first time with the renowned fashion designer for the new residential development.
The biggest listed developer by market capitalisation in the MENA region, Emaar has a landbank of over 1.6 billion square feet in key markets.
Today, Emaar is the world’s largest property company outside China, with a brand value of over $2.7 billion. Emaar is also among the top 10 brands in the Middle East, with its brand value increasing by 39 percent over 2017.For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.