The AGM will discuss the proposed cash dividend of 20% of the nominal value of shares and the new Dividend Policy announced by the Board of Directors.
Also on the agenda are the approvals of the Director's Report, Auditor's Report and financial statements, and appointment of auditors for the year 2008.
Upholding the value potential of Emaar, the company's Board of Directors recently announced a new Dividend Policy at a minimum of 20% of the nominal value of the shares, depending on relevant global and domestic market conditions and Emaar's projected growth and capital commitments.
In 2007, Emaar recorded net profits of Dhs6.575bn ($1.790bn), 3% higher than previous year net profit of Dhs6.371bn ($1.735bn).
Emaar's annual revenue for 2007 is Dhs17.566bn ($4.782bn), an increase of 25% compared to Dhs14bn ($3.813bn) in 2006.
The company is on geographic expansion and business segmentation drive and is building new competencies in malls, education, hospitality and leisure, healthcare and financial services.
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Emaar Properties to hold tenth AGM on March 19
- United Arab Emirates: Tuesday, March 18 - 2008 at 16:24
- PRESS RELEASE
Emaar Properties PJSC will hold its tenth Annual General Meeting (AGM) at 5pm on Wednesday, March 19, 2008, at Sheikh Rashid Hall, Dubai International Convention Centre.
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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 US$26.6 billion 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 more information, visit www.emaar.com.
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
Posted by Lara Lynn Golden, News EditorTuesday, March 18 - 2008 at 16:24 UAE local time (GMT+4)
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