1st Annual General Meeting of Emaar Development on April 23 to propose dividend to shareholders

If the meeting falls short of quorum, the AGM will be held at the same time and venue on Tuesday, April 30, 2019


Dubai: The first Annual General Meeting (AGM) of Emaar Development PJSC (DFM: EMAARDEV), the UAE build-to-sell property development business majority-owned by Emaar Properties PJSC (DFM: EMAAR), will be held on Tuesday, April 23, 2019, 5PM, at the Diamond Ballroom of Address Dubai Mall hotel in Downtown Dubai. If the meeting falls short of quorum, the AGM will be held at the same time and venue on Tuesday, April 30, 2019.

At the first AGM, the Board of Directors of Emaar Development will propose the distribution of AED 1.04 billion (US$ 283.15 million) dividend, representing 26 per cent of the share capital being 26 fils per share. The meeting will also receive and approve the report 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 at the forum.

In October 2018, Emaar Development distributed AED 1.04 billion (US$ 283.15 million), representing 26 per cent of the share capital being 26 fils per share, as interim cash dividend to the company’s shareholders.

Last year, Emaar Development recorded a growth in net profit of 42 per cent to AED 3.901 billion (US$ 1.062 billion), compared to 2017. Total revenue for 2018 was AED 15.433 billion (US$ 4.202 billion), an increase of 74 per cent over the previous year.  

Highlighting the strong investor interest for Emaar’s residential launches, the company reported record sales of AED 14.240 billion (US$ 3.877 billion) in 2018. The company has a backlog of AED 36.30 billion (US$ 9.88 billion), which will be recognised as revenue in the next three to four years.

During 2018, Emaar Development launched for sale over 6,500 residential units in Dubai, which recorded positive investor response, including from international buyers. The company has nine residential destinations in Dubai with over 29,800 homes currently under development.


For more information:
Kelly Home | Nivine William
+9714 4507 600

© 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.

More From Press Releases