Dubai – MENA Herald: The 18th Annual General Meeting of global developer Emaar Properties PJSC today approved a cash dividend of 15 per cent of the share capital, equivalent to AED 1.074 billion (US$ 292 million), for distribution to the shareholders.
The meeting also approved the report by the Board on the activities and financial position of the company as well as the Auditor’s report for the financial year ending December 31, 2015. The AGM appointed Ernst & Young as the auditors for 2016.
The AGM also approved by special resolution the proposal by the Board of Directors to amend the Articles of Association of Emaar Properties in accordance with Federal Law No 2 of 2015 on Commercial Companies.
As per the Securities & Commodities Authority Resolution No 2.2015, cash dividend payments will be made either through iVESTOR Cards or via bank account transfer. Emaar has urged shareholders to secure their DFM Investor Number and update their payment method to either iVESTOR Card or Bank Account Transfer.
Mohamed Alabbar, Chairman of Emaar Properties, said that 2016 will be a significant growth year for Emaar having recorded robust results led by the positive growth of the Dubai economy.
“With all core sectors of the economy performing exceptionally well, and with the preparations for the Expo 2020 Dubai progressing in full swing, the coming years will witness healthy growth trends in Dubai that support all the three core businesses of Emaar – property development, shopping malls & retail and hospitality & leisure.”
“We are setting new benchmarks this year, particularly with the opening of Dubai Opera, a multi-format events venue in Downtown Dubai. Emaar has also rolled out the magnificent tower that will form the vibrant heart of Dubai Creek Harbour, a one-of-a-kind masterplannned community that will further energise the city by welcoming visitors from around the world,” he added.
Mr. Alabbar said that Emaar’s strategy of developing prime real estate assets that meet the real demand for world-class residences in central locations is further highlighted by the progress in Dubai Hills Estate and the launches of high-end homes in Downtown Dubai and Arabian Ranches. Emaar is also expanding its development portfolio in high-growth international markets including Saudi Arabia, Egypt, India and Turkey, among others, where the company has unveiled several world-class master-planned communities.
“The shopping malls business will gain further traction with the launch of a dedicated Retail District in Dubai Creek Harbour and the expansion of The Dubai Mall by another 1 million sq ft built-up area, while our hospitality business will see the ambitious launch of several new hotels and serviced residences in Dubai and other international markets under our three hotel brands including the newly launched value lifestyle Rove Hotels,” he said.
Mr. Alabbar said Emaar’s continued growth has been led by the guidance and vision for Dubai of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai. “Our leadership has created a high-growth environment in Dubai. And it is our responsibility and duty to give back to our leadership and our nation for their support. For us, therefore, every project will also be a social commitment to create lasting value and driving all-round progress.”
With assets valued at over AED 165 billion (US$ 45 billion) and a land bank of 196 million sq m in the UAE and international markets, Emaar recorded full-year 2015 net operating profit of AED 4.383 billion (US$ 1.193 billion), 18 per cent higher than the FY2014, and revenue of AED 13.661 billion (US$ 3.719 billion), 33 per cent higher than the previous year.
In the UAE, total sales in 2015 were over AED 10.23 billion (US$ 2.79 billion) while sales across various international markets in 2015 were valued at AED 5.05 billion (US$ 1.37 billion). Emaar listed its country-subsidiary, Emaar Misr on the Egyptian Exchange, which recorded an increase in in-country revenue of 74 per cent in 2015.
The shopping malls & retail and hospitality & leisure businesses recorded recurring revenues of AED 5.788 billion (US$ 1.576 billion), 42 per cent of the total revenue. The hospitality & leisure business outperformed the broader hospitality market with the average annual occupancy at The Address Hotels + Resorts at 86 per cent.
Visitor arrivals across all Emaar Malls assets crossed 124 million in 2015, an increase of 9 per cent compared to 2014, with The Dubai Mall accounting for 80 million annual visitors. In 2015, revenue from international operations of Emaar increased by 46 per cent to AED 2.620 billion (US$ 713 million), accounting for 19 per cent of the total revenue.
Emaar has handed over more than 40,000 residential units in Dubai and other international markets to date. Over 33,600 units were handed over in the UAE since 2001. Over 79 per cent of the total units launched in Dubai in 2014 and 2015 and about 90 per cent of the total units launched in key international markets have been sold.