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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.
Posted by Anne-Birte Stensgaard, Senior News Editor
