We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Sun 20 Mar 2016 09:49 AM

Font Size

- Aa +

Dubai developer Emaar proposes 15% share dividend

The payout is in line with previous years and follows stalled quarterly profits for the developer

Dubai developer Emaar proposes 15% share dividend
(AFP/Getty Images)

Dubai developer Emaar has proposed a 15 percent cash dividend for 2015, it said in a bourse statement on Saturday.

During a meeting on Friday, the board recommended AED0.15 ($0.0408) per share, the same as the cash payout proposed for the past two years.

The dividend is expected to be approved at the annual general meeting due on April 16, according to the statement.

The builder of the world's tallest tower reported a near-flat net profit in the most recent quarter after taking a write-down related to a fire at one of its hotels on New Year's Eve.

The $82m write-down stalled an earnings boom at the government-linked developer, which had reported rising net income in the preceding 10 quarters.

Emaar, which has a portfolio of 12 hotels and resorts, made a net profit of AED1.03 billion ($280m) in the three months to December 31, down from AED1.05 billion a year earlier, a bourse statement on February 10 said.

Arabian Business: why we're going behind a paywall

For all the latest real estate 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.