Business Bureau, Gulf Today

The 23rd Annual General Meeting (AGM) of Emaar Properties on Monday approved the distribution of Dhs1.07 billion ($290 million) as dividend to the shareholders, representing 15 per cent of the share capital being 15 fils per share.

The meeting approved the report by the Board of Directors on the activities and financial position of the company, the Auditor’s report, and balance sheet for 2018. KPMG was appointed as the auditor for 2019.

Addressing the assembly, Mohamed Alabbar, Chairman of Emaar Properties, said: “We are thankful to our shareholders for their support that drives our growth and enables us to create long-term value for the company. Since our inception, we have continuously focused on redefining the property, retail and hospitality landscape of Dubai, and distributed Dhs 19.4 billion in cumulative dividends between 2011 to 2018. We evolve with time, and today, as a future-ready, digital-first organisation, we are committed to creating futuristic residential, retail, entertainment and leisure assets that transform the lifestyles of people globally.”

Emaar reported a net profit of Dhs7.216 billion ($1.965 billion) in 2018, a 30 per cent increase over 2017, prior to considering the effect of the IPO of Emaar Development and forex movement. Revenue in 2018 was Dhs25.694 billion ($6.995 billion), a growth of 37 per cent over the previous year.

Emaar has consistently outperformed itself despite operating in difficult market conditions. Having sold over 30,500 residential units in the past 10 years, recording sales of Dhs88.4 billion ($24.07 billion), Emaar’s off-plan sales of Dhs14.4 billion ($3.92 billion) in 2018, accounted for more than 65 per cent of the total off-plan sales, valued at Dhs21.4 billion ($5.83 billion) in Dubai.

In premium property development, Emaar launched world-class residences in Dubai Creek Harbour, Dubai Hills Estate, Emaar Beachfront, Emaar South, Downtown Dubai and Arabian Ranches during 2018. The first homes in Dubai Creek Harbour will be handed over this year, while Dubai Hills Estate is also coming to life with the opening of the Dubai Hills Golf Club.

Today, Emaar is the world’s largest property company outside China, with a brand value of over US$ 2.7 billion. Emaar is also among the top 10 brands in the Middle East, with its brand value increasing by 39 per cent over 2017. Emaar is also the No 1 listed developer by market capitalisation in the Mena region under MSCI EM Index, and has a landbank of over 1.6 billion square feet in key markets.

Emaar Properties, listed on the Dubai Financial Market, is a global property developer and provider of premium lifestyles, with a significant presence in the Middle East, North Africa and Asia. One of the world’s largest real estate companies, Emaar has a land bank of 1.6 billion sq ft in the UAE and key international markets.

With a proven track-record in delivery, Emaar has delivered over 51,800 residential units in Dubai and other global markets since 2002. Emaar has strong recurring revenue generating assets with over 915,000 square metres of leasing revenue generating assets and 19 hotels and resorts with 3,939 rooms. Today, around 40 per cent of the Emaar’s revenue is from its shopping malls & retail, hospitality & leisure and international subsidiaries.

Burj Khalifa, a global icon, and The Dubai Mall, the world’s largest shopping and entertainment destination, are among Emaar’s trophy developments. Emaar has now launched, Dubai Creek Tower, a magnificent icon that will serve as the centrepiece of the Dubai Creek Harbour development, as well as Dubai Square, the retail metropolis of the future.

Emaar Properties was founded and incorporated in 1997 by chairman Mohamed Alabbar. As one of the leading developers in the UAE, Emaar has diversified interests in real estate including both commercial and residential property development, as well as malls and hospitality. The Dubai government initially owned 100 per cent of the company while the founding shareholders held 24.3 per cent when operations as a public company commenced after the IPO in 2000. The following year, Emaar announced its plans to build Dubai Marina. In 2000, Emaar Properties was listed on the Dubai Financial Market and became the first property company to offer shares to foreign nationals. The first phase of the company’s developmental projects began in 2001 when Emaar awarded the contract in a joint venture to build three of the six apartment towers.

In 2003, the company revealed its plans for its signature development project, later known as Downtown Dubai. The project consisted of two developments of historical proportions: Burj Khalifa and The Dubai Mall, the world’s tallest building and world’s largest mall respectively.

Emaar International was established in 2004 and signified Emaar’s expansion into foreign markets. The company has ongoing projects in Africa, Asia, North America, and throughout the Middle East. In 2005, Emaar Hotels & Resorts was established in an exclusive deal with Giorgio Armani to launch a collection of luxury hotels in the designer brand’s name.