Emaar chief hails shareholders after approving $290m dividend

Mohamed Alabbar, chairman of Emaar Properties, says shareholders' support 'enables us to create long-term value for the company'
Emaar chief hails shareholders after approving $290m dividend
Mohamed Alabbar, chairman of Emaar Properties.
By Sam Bridge
Tue 23 Apr 2019 02:04 PM

The 23rd annual general meeting (AGM) of Emaar Properties has approved the distribution of AED1.07 billion ($290 million) as dividend to the shareholders, representing 15 percent of the share capital.

Addressing the assembly, Mohamed Alabbar, chairman of Emaar Properties, said: “We are thankful to our shareholders for their support that drives our growth and enables us to create long-term value for the company.

"Since our inception, we have continuously focused on redefining the property, retail and hospitality landscape of Dubai, and distributed AED19.4 billion in cumulative dividends between 2011 to 2018."

He added: "We evolve with time, and today, as a future-ready, digital-first organisation, we are committed to creating futuristic residential, retail, entertainment and leisure assets that transform the lifestyles of people globally.”

Emaar reported a net profit of AED7.2 billion in 2018, 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.

Emaar said it has consistently outperformed itself despite operating in difficult market conditions. Having sold over 30,500 residential units in the past 10 years, recording sales of AED88.4 billion, Emaar’s off-plan sales of AED14.4 billion in 2018 accounted for more than 65 percent of the total off-plan sales in Dubai. 

The company added that the first homes in Dubai Creek Harbour will be handed over this year, while Dubai Hills Estate is also coming to life with the opening of the Dubai Hills Golf Club.

Today, Emaar is the world’s largest property company outside China, with a brand value of over $2.7 billion and has a landbank of over 1.6 billion square feet in key markets.

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