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|18 April, 2019

Dubai's Emaar proposes $291mln dividend for shareholders

The meeting will also receive and approve the report of the board of directors on the activities and financial position of the company for the year ending December 31, 2018

The corporate logo of EMAAR is seen in Dubai, United Arab Emirates, December 28, 2018.

The corporate logo of EMAAR is seen in Dubai, United Arab Emirates, December 28, 2018.

REUTERS/ Hamad I Mohammed

UAE - The 23rd Annual General Meeting (AGM) of Emaar Properties on Monday, April 22, 2019, will propose the distribution of a Dh1.07 billion dividend, representing 15 per cent of the share capital being 15 fils per share, to shareholders.

The meeting will also receive and approve the report of the board of directors on the activities and financial position of the company for the year ending December 31, 2018; the auditor's report; and the company's balance sheet. The new auditors for 2019 will also be appointed.

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Emaar reported a net profit of Dh7.216 billion in 2018, a 30 per cent increase over 2017, prior to considering the effect of the IPO of Emaar Development and forex movement. Revenue in 2018 was Dh25.694 billion, a growth of 37 per cent over the previous year. The number one listed developer by market capitalisation in the Middle East and North Africa region under the MSCI EM Index, 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 per cent over 2017.

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