Emaar Properties AGM declares 10% cash dividend
Elects new Board of Directors including seven new members
· New value creation strategy for 2012 focused on market realities
· Emaar’s trophy assets make sterling contribution to Dubai’s economy
Dubai, UAE; April 23, 2012: Emaar Properties PJSC, the global property developer, today (April 23, 2012) declared 10 per cent cash dividend, equivalent to about AED 609 million, at the 14th Annual General Meeting held in Dubai.
The AGM also elected the new Board of Directors, nominated by His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council.
The new Board of Directors are:
· Mr. Mohamed Ali Rashed Alabbar
· Mr. Hussain Ahmad Dhaen Alqemzi
· Mr. Ahmed Jamal Jawa
· Mr. Ahmad Thani Rashed Al Matrooshi
· Mr. Abdulla Mohammed Saeed Al Ghobash
· Mr. Jamal Majed Bin Thaniyeh
· Mr. Arif Obaid Saeed Aldehail
· Mr. Abdul Rahman Hareb Rashed Al Hareb
· Mr. Fadhel Abdulbaqi Abulhasan Alali
· Mr. Marwan Abedin
· Mr. Abdulla Saeed Balyoahah
The assembly also approved the report of the Board of Directors on the activities and financial position of the company and the balance sheet, and granted approval for the members of the Board to carry on activities relating to real estate. The AGM appointed Ernst and Young as the Auditors for the year 2012.
Addressing the shareholders, Mr Alabbar, Chairman of Emaar Properties, said: “We are thankful to His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President & Prime Minister and Ruler of Dubai, and His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, for their continued guidance and support. They inspire us to pursue a greater purpose and mission for the company, and today, we believe that that the most significant contribution of Emaar is in helping shape and position Dubai as the commercial and lifestyle hub of the region.”
He added: “The positive economic impact of our trophy assets, such as Burj Khalifa, The Dubai Mall and The Address hotels within Downtown Dubai makes us a catalyst for the economic growth of the city. Having underlined our credentials in superior developments and ensuring best-in-class customer service, we will strengthen our market leadership in Dubai by launching new projects in the city this year.”
With total assets of more than AED 60 billion (US$ 16.35 billion), investment properties and fixed assets of AED 16.4 billion (US$ 4.47 billion) and development property valued at AED 26.2 billion (US$ 7.14 billion), Emaar highlighted its robust fundamentals in 2011. Last year, Emaar recorded a net operating profit of AED 2.058 billion (US$ 560 million) and annual revenues of AED 8.112 billion (US$ 2.209 billion).
The shopping malls, retail and Hospitality businesses of Emaar contributed AED 3.36 billion (US$ 915 million) to annual revenues, representing 41 per cent of the Company’s annual revenue for 2011. In addition, the contribution of international operations to 2011 annual revenue almost doubled to AED 1.81 billion (US$ 493 million), compared with AED 973 million (US$ 265 million) in 2010. The Dubai Mall, the flagship development of Emaar, hosted record visitor arrivals of 54 million in 2011, and is billed as the world’s most visited shopping and leisure destination.
Emaar is focused on strengthening its competencies in developing prime real estate assets in the Middle East and North Africa region and the Indian Subcontinent as well as its successful shopping malls & retail and hospitality & leisure businesses, and expanding to key markets globally.
About Emaar Properties PJSC
Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer with a significant presence in key emerging markets in the Middle East, North Africa and Asia. Besides building residential and commercial properties, the company also has proven competencies in shopping malls & retail, hospitality & leisure and financial services sectors. Burj Khalifa, the world's tallest building, and The Dubai Mall, the world’s largest shopping and entertainment destination, are some of Emaar’s trophy developments.
Emaar has launched a new wholly-owned subsidiary, Dawahi Development, a next-generation developer of ‘value housing’ projects within full-service community developments. Dawahi Development will develop ‘value homes’ at attractive price points in key emerging markets across the Middle East & North Africa (MENA) region, while also creating robust employment and business opportunities for the local population.
In Saudi Arabia, Emaar is developing King Abdullah Economic City, the region's largest private sector-led project in Saudi Arabia, featuring a Sea Port, Central Business District, Industrial Zone, Educational Zone, Residential Communities and Resort District. www.emaar.com.