The Extraordinary General Meeting declared 13 percent dividends and 7 percent of bonus shares.
Mohamed Ali Alabbar, Chairman, Emaar Properties disclosed that the company is developing a number of projects in the Kingdom of Saudi Arabia totalling approximately SR 12 billion, in addition to huge developments in India totalling US$ 2 billion.
The AGM's agenda included approval by shareholders of the company's annual accounts for the year ended December 31, 2004; to declare transfers to reserve and to appoint auditors for the year 2005.
Emaar's AGM followed the company's record annual profits of AED 1.691 billion for the year ended December 31, 2004. This corresponds to a net profit increase of AED 1.015 billion or 150 per cent. Net profit for fiscal 2003 was AED 676 million.
The year 2004 was significant in the company's seven-year old history.
Emaar handed over more than 8,000 homes to its owners and launched nearly 40 communities, unprecedented for any developer anywhere in the world.
The Middle East's largest developer of lifestyle properties will be proceeding to establish a worldwide group of luxury hotels and vacation resorts in partnership with Giorgio Armani S.p.A. The first 'Armani Hotel' will be an integral part of the iconic Burj Dubai tower, which opens in 2008. This was followed by a resolution to split the nominal value of the Company's share from AED10 to AED 1 per share.
The company received global attention following the official launch of Burj Dubai tower in the presence of His Highness General Sheikh Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Defence Minister.
Emaar established a joint venture with Al Oula Real Estate to set up Emaar Middle East and focus on developments in Saudi Arabia and other GCC countries. The company also identified partners in Libya, Morocco and Egypt to build major mixed-use real estate developments.
Construction work on the mixed used development which includes commercial, residential and leisure facilities as also the convention centre, in the southern Indian state of Hyderabad, has already begun.
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Emaar Properties holds AGM
- United Arab Emirates: Thursday, March 03 - 2005 at 10:13
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Emaar Properties PJSC conducted its seventh Annual General Meeting this evening in the presence of the company's Board of Directors and senior executives of the company and its subsidiaries.
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Posted by Anne-Birte Stensgaard, Senior News EditorThursday, March 03 - 2005 at 10:13 UAE local time (GMT+4)
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About Emaar Properties PJSC
Emaar Properties is a Public Joint Stock Company listed on the Dubai Financial Market with an asset base of US$7.7 billion including the land bank. The company has witnessed tremendous growth since its inception in 1997 and boasts a rapidly growing tenant base.
Currently, it has several major real estate projects under various stages of development in Dubai including Dubai Marina, Arabian Ranches, Emirates Hills, The Views, The Meadows, The Springs, The Lakes, Hattan Homes, The Greens, Emaar Towers and The Residences at Burj Dubai. The company also owns and manages the Gold and Diamond Park. Emaar has started construction on its most ambitious project to date, the Burj Dubai Development, which comprises The Burj Dubai, The Dubai Mall, The Boulevard, The Old Town, man-made lakes, landscaped parks, etc. The company also has joint ventures and projects across the region, covering Saudi Arabia, Egypt, Libya and Morocco.
While Emaar continues to actively pursue expansion in its core business of innovative, high quality real estate development, it has diversified into related business lines to further build value for its 41,000 shareholders, which includes the Government of Dubai. In line with this corporate belief, Emaar also owns and manages three subsidiaries - Dubai Bank, focused on retail and commercial banking, EMRILL, a joint venture with the UK-based Carillion which provides innovative property and facilities management services, and its technology and communications company, Sahm Technologies. Emaar is also the majority shareholder of Amlak Finance, UAE's first mortgage finance company. In 2004 Emaar was included in the Dow Jones Dubai International Financial Centre Arabia Titans Index.
For further information, please contact:
David D'Souza/ Lina Anani
ASDA'A Public Relations
Exclusive Affiliate of Edelman PR Worldwide in
Middle East and North Africa
Dubai, UAE
Tel: +971-4-3355969, Fax: +971-4-3356080
Emaar Properties
Tel: +971-4-367-3566
Fax: +971-4-367-3705
Emaar Properties is a Public Joint Stock Company listed on the Dubai Financial Market with an asset base of US$7.7 billion including the land bank. The company has witnessed tremendous growth since its inception in 1997 and boasts a rapidly growing tenant base.
Currently, it has several major real estate projects under various stages of development in Dubai including Dubai Marina, Arabian Ranches, Emirates Hills, The Views, The Meadows, The Springs, The Lakes, Hattan Homes, The Greens, Emaar Towers and The Residences at Burj Dubai. The company also owns and manages the Gold and Diamond Park. Emaar has started construction on its most ambitious project to date, the Burj Dubai Development, which comprises The Burj Dubai, The Dubai Mall, The Boulevard, The Old Town, man-made lakes, landscaped parks, etc. The company also has joint ventures and projects across the region, covering Saudi Arabia, Egypt, Libya and Morocco.
While Emaar continues to actively pursue expansion in its core business of innovative, high quality real estate development, it has diversified into related business lines to further build value for its 41,000 shareholders, which includes the Government of Dubai. In line with this corporate belief, Emaar also owns and manages three subsidiaries - Dubai Bank, focused on retail and commercial banking, EMRILL, a joint venture with the UK-based Carillion which provides innovative property and facilities management services, and its technology and communications company, Sahm Technologies. Emaar is also the majority shareholder of Amlak Finance, UAE's first mortgage finance company. In 2004 Emaar was included in the Dow Jones Dubai International Financial Centre Arabia Titans Index.
For further information, please contact:
David D'Souza/ Lina Anani
ASDA'A Public Relations
Exclusive Affiliate of Edelman PR Worldwide in
Middle East and North Africa
Dubai, UAE
Tel: +971-4-3355969, Fax: +971-4-3356080
Emaar Properties
Tel: +971-4-367-3566
Fax: +971-4-367-3705
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