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Emaar Properties approves dividend distribution, 10% of share capital

Dubai: Dubai developer Emaar Properties will distribute a cash dividend representing 10 per cent of the share capital, upon a proposal by its board of directors.

The general body of Emaar Properties approved the dividend distribution proposal at its 25th annual ordinary meeting on Sunday. A new nine-member board has been elected. The new board includes Mohamed Ali Alabbar, Jassem Mohammed Abdul Rahim Ali, Ahmed Thani Al Matroushi, Jamal Majid Khalfa bin Thaniah, Butti Obeid Butti Al Mulla.

The board members also include Iman Mahmoud Ahmed Abdul Razzaq, Ahmed Jamal Jawa, Heliel Saeed Salem Saeed Al Marri and Sultan Saeed Mohammed Nasser Al Mansouri.

The dividend distribution reflects Emaar's keenness to ensure a value added to its shareholders.

The board discussed the company’s performance in 2020 in light of the COVID-19 pandemic and measures taken to safeguard business performance.

The 2020 report on the company’s activities and financial position and the auditor’s report were also approved during the meeting.

Emaar recorded overall property sales of Dh10.9 billion ($2.96b) in 2020, while it handed over more than 72,100 residential units in Dubai and international markets, with more than 26,000 currently under development in the UAE and 12,000 units in global markets.

Mohamed Alabbar said: “We have been able to maintain our market position, despite the challenges caused by the pandemic and are looking forward to the development of our future innovative projects. We continue to redefine Dubai’s property landscape.”

"We remain committed to creating communities and transforming lifestyles for our customers locally and internationally by setting new benchmarks in design, building quality and innovation that continuously offer outstanding experiences and lifestyle opportunities across market sectors,” he added.

Last month, Emaar Properties merged with Emaar Malls.