May 21, 2024
Business Real Estate

Emaar Properties Declares Record AED4.4 Billion Dividend

New Board Appointed to Drive Growth Strategy

At its Annual General Meeting (AGM) in Dubai on April 22, 2024, Emaar Properties announced that its shareholders unanimously approved a substantial dividend of 50 fils per share, amounting to a record AED4.4 billion ($1.2 billion).

This declaration, a testament to Emaar’s robust profitability and commitment to shareholder returns, underscores the company’s financial strength.

Shareholders also endorsed the auditor’s report and the board’s review of the company’s activities and financial position for 2023.

During the AGM, shareholders also ratified the appointment of a new board of directors to lead the company’s growth strategy.

The newly appointed members are Mohamed Ali Rashed Alabbar, Jamal Majed Khalfan Bin Theniyah, Ahmed Jamal Hassan Jawa, Buti Obaid Buti AlMulla, Eman Mahmood Ahmed Abdulrazzaq, Abdulla Ali Ahmad Bin Zayed Alfalasi, Ahmad Saeed Obaid Bin Meshar Almheiri, Omar Hamad Abdulla Hamad BuShahab, and Mohammad Omar Karim.

Record Property Sales

The Board of Directors, in their presentation, showcased Emaar’s exceptional performance in 2023. The company achieved record property sales of AED40.3 billion ($11 billion), with AED37.4 billion ($10.2 billion) in the domestic market alone.

Emaar’s revenues reached AED26.7 billion ($7.3 billion), and the net profit stood at AED11.6 billion ($3.2 billion), marking a growth of 7% and 70%, respectively, compared to the previous year. Emaar’s EBITDA surged by 67% to AED17.3 billion ($4.7 billion) in 2023.

The momentum has continued into 2024, with Emaar’s year-to-date domestic property sales surpassing AED19 billion ($5.2 billion), reflecting a remarkable growth of over 60% compared to last year.

The company remains steadfast in delivering ongoing projects on schedule, leveraging its skilled workforce, nurturing Emirati talent, and investing in digital systems to ensure operational efficiency.

Mohamed Alabbar, Founder of Emaar Properties, expressed optimism about the company’s trajectory.

He said: “Emaar is highly optimistic and relentlessly focused on exceeding operational excellence, amplifying investment returns, and improving customer satisfaction.

“Through strategic initiatives in digital transformation, product innovation, and market penetration, we are poised to drive robust growth and solidify our foundation for future success.”

Emaar’s commitment to delivering premium experiences and lifestyle opportunities across market segments has positioned its properties as highly sought-after investments domestically and internationally, setting new benchmarks in design, build quality, and innovation.

Featured image: Emaar Properties’ AGM in progress in Dubai on April 22, 2024. Credit: Emaar Properties

    Middle East News 247

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