Other items that will be covered on the AGM agenda include approval by shareholders of the company's annual accounts for the year ended December 31, 2005 as well as the declaration of transfers to reserve; the election of the Board of Directors and the appointment of auditors for the year 2006.
The upcoming AGM follows Emaar's recent announcement of record annual profits of AED 4.731 billion for the year ended December 31, 2005. This corresponds to a net profit increase of AED 3.040 billion or 180 per cent. Net profit for fiscal year 2004 was AED 1.691 billion.
The year 2005 was significant in the company's eight-year history and one that will be the cornerstone for continued growth. Emaar handed over more than 12,800 homes to customers in Dubai and launched over 50 real estate projects across the region.
Emaar's most significant announcement is that of the launch of the King Abdullah Economic City in December 2005 with an investment of more than SR100 billion. As the single largest private sector investment in Saudi Arabia, the project is a mixed-use development located north of Jeddah and will cover a massive 55 million square metres of greenfield land with a 35 km shoreline. The City will have six distinct components - a modern world-class Seaport, Industrial District, Financial Island, Education Zone, Resorts and The Residential Area. The landmark development will create 500,000 employment opportunities as well as help to drive the Kingdom's growing economic development.
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Emaar's Board of Directors proposes 40 per cent cash dividend
- United Arab Emirates: Tuesday, February 14 - 2006 at 08:29
- PRESS RELEASE
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Emaar Properties, the world's No. 1 real estate company by market capitalization, announced that its Board of Directors had proposed a 40 per cent cash dividend to be discussed at the upcoming Annual General Meeting (AGM) to be held on 8 March 2006.
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Posted by Anne-Birte Stensgaard, Senior News EditorTuesday, February 14 - 2006 at 08:29 UAE local time (GMT+4)
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About Emaar Properties PJSC:
Emaar Properties, the Dubai-based Public Joint Stock Company, is listed on the Dubai Financial Market and is part of the Dow Jones Arab Titans Index. Emaar is the No. 1 real estate company in the world in terms of market capitalisation which is over US$40 billion. The company recently announced that its net profits for the year ended 31 December, 2005 climbed 180 per cent, to a record AED 4.731 billion. The figures represent a substantial increase on the AED 1.691 billion for the year 2004. The company also reported an impressive 59 per cent rise in revenues to AED 8.361 billion, as compared to AED 5.248 billion for the year 2004.
The company has witnessed tremendous growth since its inception in 1997 and boasts a rapidly growing tenant base with more than 13,000 homes handed over to satisfied customers to date. Currently, it has several major real estate projects under various stages of development in Dubai including Arabian Ranches, Dubai Marina, Emirates Hills, The Views, The Meadows, The Springs, The Lakes and The Greens. 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, which comprises the Burj Dubai - the tallest tower in the world when completed in 2008, The Dubai Mall, Burj Dubai Boulevard, The Lofts, The Old Town, The Old Town Island, The Residences, Burj Views, man-made lakes, landscaped parks and gardens. The company has joint ventures and projects across the region covering Saudi Arabia, Egypt, Syria, Morocco, India and Pakistan. Recently the award winning property developer announced plans to aggressively expand the retail sector with investments of over AED 15 billion to develop approximately 100 malls in the mega emerging markets of the Middle East, North Africa and the Indian subcontinent. In addition, Emaar has teamed up with Giorgio Armani S.p.A to build and manage 10 Armani hotels and resorts across the world; an Armani hotel will feature in Emaar's flagship Burj Dubai tower.
While continuing to actively pursue expansion in its core business of innovative, high quality real estate development, Emaar has diversified into related business lines to further build value for its 41,000 shareholders, which includes the Government of Dubai. Emaar owns and manages EMRILL, a joint venture with the UK-based Carillion which provides innovative property and facilities management services. Emaar also holds 30 per cent equity in Dubai Bank, focused on retail and commercial banking and is the majority shareholder in Amlak Finance, UAE's leading Islamic home financing company. For further information, please visit www.emaar.com.
For further information, please contact:
Kelly Home / Linsey Worgan
ASDA'A Public Relations
Exclusive Affiliate of Edelman PR Worldwide in Middle East & North Africa
Tel: (+971 4) 335 5969; Fax: (+971 4) 335 6080
Emaar Properties, the Dubai-based Public Joint Stock Company, is listed on the Dubai Financial Market and is part of the Dow Jones Arab Titans Index. Emaar is the No. 1 real estate company in the world in terms of market capitalisation which is over US$40 billion. The company recently announced that its net profits for the year ended 31 December, 2005 climbed 180 per cent, to a record AED 4.731 billion. The figures represent a substantial increase on the AED 1.691 billion for the year 2004. The company also reported an impressive 59 per cent rise in revenues to AED 8.361 billion, as compared to AED 5.248 billion for the year 2004.
The company has witnessed tremendous growth since its inception in 1997 and boasts a rapidly growing tenant base with more than 13,000 homes handed over to satisfied customers to date. Currently, it has several major real estate projects under various stages of development in Dubai including Arabian Ranches, Dubai Marina, Emirates Hills, The Views, The Meadows, The Springs, The Lakes and The Greens. 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, which comprises the Burj Dubai - the tallest tower in the world when completed in 2008, The Dubai Mall, Burj Dubai Boulevard, The Lofts, The Old Town, The Old Town Island, The Residences, Burj Views, man-made lakes, landscaped parks and gardens. The company has joint ventures and projects across the region covering Saudi Arabia, Egypt, Syria, Morocco, India and Pakistan. Recently the award winning property developer announced plans to aggressively expand the retail sector with investments of over AED 15 billion to develop approximately 100 malls in the mega emerging markets of the Middle East, North Africa and the Indian subcontinent. In addition, Emaar has teamed up with Giorgio Armani S.p.A to build and manage 10 Armani hotels and resorts across the world; an Armani hotel will feature in Emaar's flagship Burj Dubai tower.
While continuing to actively pursue expansion in its core business of innovative, high quality real estate development, Emaar has diversified into related business lines to further build value for its 41,000 shareholders, which includes the Government of Dubai. Emaar owns and manages EMRILL, a joint venture with the UK-based Carillion which provides innovative property and facilities management services. Emaar also holds 30 per cent equity in Dubai Bank, focused on retail and commercial banking and is the majority shareholder in Amlak Finance, UAE's leading Islamic home financing company. For further information, please visit www.emaar.com.
For further information, please contact:
Kelly Home / Linsey Worgan
ASDA'A Public Relations
Exclusive Affiliate of Edelman PR Worldwide in Middle East & North Africa
Tel: (+971 4) 335 5969; Fax: (+971 4) 335 6080
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