Jeddah: The 23rd Annual General Meeting (AGM) of Emaar Properties PJSC (DFM: EMAAR) today approved the distribution of AED 1.07 billion (US$ 290 million) as dividend to the shareholders, representing 15 per cent of the share capital being 15 fils per share.

The meeting approved the report by the Board of Directors on the activities and financial position of the company, the Auditor’s report, and balance sheet for 2018. KPMG was appointed as the auditor for 2019.

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 AED 19.4 billion in cumulative dividends between 2011 to 2018. 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 AED 7.216 billion (US$ 1.965 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 AED 25.694 billion (US$ 6.995 billion), a growth of 37 per cent over the previous year.

Emaar 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 AED 88.4 billion (US$ 24.07 billion), Emaar’s off-plan sales of AED 14.4 billion (US$ 3.92 billion) in 2018, accounted for more than 65 per cent of the total off-plan sales, valued at AED 21.4 billion (US$ 5.83 billion) in Dubai.  

In premium property development, Emaar launched world-class residences in Dubai Creek Harbour, Dubai Hills Estate, Emaar Beachfront, Emaar South, Downtown Dubai and Arabian Ranches during 2018. 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 US$ 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.  Emaar is also the No 1 listed developer by market capitalisation in the MENA region under MSCI EM Index, and has a landbank of over 1.6 billion square feet in key markets.

-Ends-

About Emaar Properties PJSC:
Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer and provider of premium lifestyles, with a significant presence in the Middle East, North Africa and Asia. One of the world’s largest real estate companies, Emaar has a land bank of 1.6 billion sq ft in the UAE and key international markets.

With a proven track-record in delivery, Emaar has delivered over 51,800 residential units in Dubai and other global markets since 2002. Emaar has strong recurring revenue generating assets with over 915,000 square metres of leasing revenue generating assets and 19 hotels and resorts with 3,939 rooms. Today, around 40 per cent of the Emaar’s revenue is from its shopping malls & retail, hospitality & leisure and international subsidiaries.

Burj Khalifa, a global icon, and The Dubai Mall, the world’s largest shopping and entertainment destination, are among Emaar’s trophy developments. Emaar has now launched, Dubai Creek Tower, a magnificent icon that will serve as the centrepiece of the Dubai Creek Harbour development, as well as Dubai Square, the retail metropolis of the future. For more information, please visit our website www.emaar.com 

Follow us: www.facebook.com/emaardubai; www.twitter.com/emaardubai; www.instagram.com/emaardubai 

For more information:
Kelly Home | Nivine William
ASDA’A BCW
+9714 4507 600
kelly.home@bcw-global.com
nivine.william@bcw-global.com 

© Press Release 2019

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.