By Andy Sambidge
Dubai-based real estate giant says total dividend for 2014 will exceed $4.6bn, a record for the region
Dubai-based real estate giant Emaar Properties said on Sunday it will distribute a special cash dividend of AED9 billion ($2.45 billion) to shareholders on December 23.
The dividend, which was approved recently at the Ordinary General Meeting of the company, takes the total dividend distributed in 2014 to AED17.12 billion ($4.66 billion), the company said in a statement.
It added that this marks a record in dividends distributed by a Public Joint Stock Company in the region, "highlighting the commitment of Emaar to create long-term value for its shareholders".
The special cash dividend follows the successful IPO and listing of the Emaar Malls Group. Gaining overwhelming investor response, the IPO recorded total orders of over AED172 billion.
Mohamed Alabbar, chairman of Emaar Properties, said: "This year has been extremely significant for Emaar as we demonstrated our focus on building value for our shareholders.
"They have consistently stood by us in our growth journey, trusting our strategy to develop our competencies in shopping malls and retail and hospitality & leisure apart from developing iconic projects and expanding to high-growth international markets. The largest dividend distribution this year by Emaar underlines our gratitude to them."