Dubai's Emaar Properties approves 10% dividend

Developer says its grateful to shareholders' continued support 

  
A logo of Dubai's Emaar Properties is seen on a building in Dubai, United Arab Emirates January 12, 2018.

A logo of Dubai's Emaar Properties is seen on a building in Dubai, United Arab Emirates January 12, 2018.

Reuters/Ahmed Jadallah

Dubai developer Emaar Properties will distribute 10 percent dividend to its shareholders, the company confirmed on Sunday. 

The developer said it approved the proposal to distribute the payout during its annual general assembly, to confirm its “keenness to ensure added value for its shareholders.” 

“We are grateful to our shareholders’ continued support, helping us to remain robust throughout 2020 and boost growth,” said Mohamed Alabbar, founder of Emaar Properties. 

“We have been able to maintain our market position, despite the challenges brought by the pandemic and are looking forward to the development of our future innovative projects.” 

The developer recorded overall property sales of 10.902 billion ($2.968 billion) for 2020. The bulk of the sales, around 6.3 billion dirhams, was achieved in the UAE. 

“The performance reflects sustained interest from investors, both domestic and foreign,” the company said in a statement. 

Also last year, the developer handed over more than 72,100 residential units in Dubai and international markets. More than 26,000 homes are currently under development in the UAE and 12,000 more overseas. 

(Writing by Cleofe Maceda; editing by Seban Scaria) 

Cleofe.maceda@refinitiv.com

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