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Tuesday, November 24 - 2009

Emaar's Board of Directors proposes 20% cash dividend

  • United Arab Emirates: Wednesday, February 13 - 2008 at 11:11
  • PRESS RELEASE

The Board of Directors of Emaar Properties PJSC has proposed a cash dividend of 20% of the nominal value of shares to be ratified at the upcoming Annual General Meeting (AGM) scheduled for March 19, 2008.

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This announcement follows a meeting of the Board of Directors, held yesterday during which the Board also resolved a new 'Dividend Policy' at a minimum of 20% of the nominal value of the shares, which is aimed at enhancing value for the company's stakeholders. The dividend policy will depend on relevant domestic and global market conditions as well as Emaar's projected growth and capital commitments, and the actual dividends shall be subject to approval from the shareholders annually.

Mr Mohamed Ali Alabbar, Chairman, Emaar Properties, said:

"To achieve our Vision 2010 of being one of the most valuable companies in the world, the business must re-invest its resources for Emaar to continue its path to growth. The proposed new Dividend Policy further demonstrates our strong investor relations and corporate governance policies, and will serve as a roadmap for the company's growth."


The AGM follows Emaar's announcement of the full-year 2007 financial results, recording net profits of Dhs6.575bn ($1.790bn), 3% higher than the net profit of Dhs6.371bn ($1.735bn) posted in 2006. Emaar's annual revenue for 2007 is Dhs17.566bn ($4.782bn), an increase of 25% compared to Dhs14bn ($3.813bn) in 2006. Earnings per share (EPS) for the year 2007 is Dhs1.08 ($0.29) compared to Dhs1.05 ($0.29) in 2006.

Other items on the AGM agenda are the approval by shareholders of Emaar's annual accounts for the year ended December 31, 2007; the declaration of transfers to reserve; and the appointment of auditors for year 2008. The audited financials will be published soon along with formal invitation for the AGM.

Mr Alabbar added: "Through our focus on business segmentation, international expansion and strong regional partnerships, Emaar recorded another strong financial year in 2007. The consistently robust performance of the company will further fuel our global expansion plans."

In 2007, Emaar was ranked in the Financial Times Global 500 list, while its flagship development, Burj Dubai, become the tallest building and free-standing structure in the world. Emaar also ranked in the Top 10 of S&P's IFCG Extended Frontier 150 Index for frontier equity markets covering constituents from 26 countries. Signalling the success of its international operations, Emaar's joint ventures in India and Morocco earned profits during 2007, thus contributing positively to Emaar's overall profitability.
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Notes and media contacts

About Emaar Properties PJSC:
Emaar Properties PJSC is one of the world's largest real estate companies and is rapidly evolving to become a global provider of premier lifestyles. Powered by its Vision 2010 to become one of the most valuable companies in the world, Emaar is charting a new course of growth with a two-pronged strategy of geographical expansion and business segmentation.

Emaar has highlighted its remarkable global growth by debuting on the Financial Times Global 500 ranking, which provides an annual snapshot of the world's largest companies. Emaar has been assigned A- and A3 ratings with stable outlook by Standard & Poor's and Moody's Investor Services, respectively.

Replicating its successful business model in Dubai, Emaar is extending its expertise in creating master-planned communities to international markets. Emaar is also developing new competencies in malls, hospitality & leisure, education, healthcare and financial services, which have evolved from its integrated approach to customer service and property development.

Listed on the Dubai Financial Market, part of the Dow Jones Arabia Titans Index and certified to ISO9001:2000 for quality standards, Emaar is developing Burj Dubai, the world's tallest building and free-standing structure, and The Dubai Mall, one of the world's largest shopping and entertainment destinations. In Saudi Arabia, Emaar is developing the $26.6bn King Abdullah Economic City, the region's largest private sector-led project. Emaar's portfolio currently covers the following countries: the UAE, Saudi Arabia, Jordan, Syria, Lebanon, Morocco, Egypt, Turkey, Libya, Algeria, India, Pakistan, Indonesia, the US, the UK, France and Canada.

An award-winning developer, Emaar has strengthened its product sale competencies, market reach and best practices through strategic acquisitions and joint ventures. Emaar acquired John Laing Homes, America's second largest privately held home builder; Hamptons International, UK's premier realtor; and formed a joint venture with US-based Turner International to strengthen execution capabilities.

Emaar has joined hands with Giorgio Armani and Accor Hotels to strengthen its presence in hospitality, and will launch ten luxury Armani Hotels & Resorts world-wide and 100 Formule 1 budget hotels in India. The company is opening educational institutions and healthcare centres in South Asia, Middle East and North Africa and the Subcontinent. Emaar acquired Singapore-based leading education provider, Raffles Campus, to extend expertise to its educational institutions.

Emaar holds 30% equity in Dubai Bank, focused on retail and commercial banking. Emaar is also the largest shareholder in Amlak Finance, UAE's leading Islamic home financing company.

For further information, please contact:
Kelly Home / Nivine William
ASDA'A Public Relations
Exclusive Affiliate of Edelman PR Worldwide in Middle East & North Africa
Tel: (+971 4) 334 4550; Fax: (+971 4) 3344 556

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