Dubai — The 17th Annual General Meeting, or AGM, of Emaar Properties re-elected its Board of Directors with Mohamed Alabbar as Chairman, on Wednesday. The meeting also approved a cash dividend of 15 per cent of the share capital equivalent to over Dh1.074 billion ($292 million) for distribution to shareholders.
The meeting approved the change of the Board members from 11 to 10. The re-elected Board Members of the company are: Mohamed Alabbar, Ahmad Al Matrooshi, Hussain Ahmad Dhaen Alqemzi, Ahmed Jamal Hassan Jawa, Abdul Rahman Hareb Rashed Al Hareb, Marwan Iqbal Mohammad Abdullah Abedin, Jamal Hamed Thani Butti AlMarri, Jamal Majed Bin Thaniyeh, Arif Obaid Saeed Aldehail and Abdulla Saeed Balyoahah. Mohamed Alabbar, chairman of Emaar Properties, said: “At Emaar, we are focused on maximising stakeholder value, and our record net profit in 2014 of Dh3.293 billion ($897 million) surpassed our estimates of Dh3.067 billion ($ 835 million). Our exceptional performance is led by the trust and unwavering confidence of our shareholders on the Board of Directors, which has enabled Emaar to achieve sustained and impressive growth in the past 17 years.”
He added: “As one of the world’s most valuable companies with assets valued at over Dh151 billion (over $41 billion), we are led by the vision of His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, who inspires us to continuously challenge ourselves.”
Alabbar said that Emaar is currently focused on two joint venture mega-developments in Dubai, together valued at over Dh200 billion ($55 billion). “Dubai Creek Harbour, developed in association with Dubai Holding, and Dubai Hills Estate, our JV with Meraas Holding, are truly unparalleled in their size and scope in the city. They will be powerful economic catalysts for Dubai, serve as magnets for investment, offer a brand-new lifestyle choice, define Dubai as a smart city of the future and contribute to the ongoing preparations to strengthening the city’s infrastructure for the Expo 2020 Dubai.”
“Developing real estate assets in Dubai and other international markets will continue to be our core strategy,” said Alabbar. “With over 235 million sq of land bank and extremely strong financial fundamentals, we have the resources to build for decades to come.”
Alabbar said that Emaar will develop path-breaking projects in Dubai that reflect real market needs.
“The property market is balancing out and we have a brand-new demand profile from end-user home-owners. We will develop quality projects for the new generation of entrepreneurs and professionals, and support it with timely deliver and efficient after-sales service.”
Alabbar said Emaar’s strategy is to continue to seek opportunities to monetising its high-performing assets in other international markets as well as its hospitality business to create sustained value.
The 17th AGM also approved the report by the Board on the activities and financial position of the company and the Auditor’s report for the financial year ending December 31, 2014. Ernst & Young was appointed as auditors for 2015.
Emaar’s total revenue in 2014 was Dh9.893 billion ($2.693 billion), with its shopping malls, retail and hospitality businesses generating Dh5.367 billion ($1.461 billion) in recurring revenue, 54 per cent of the total. Emaar’s international operations recorded robust growth with FY 2014 revenue at Dh1.899 billion ($517 million), 19 per cent of the total revenue.
Emaar also made history in 2014, distributing a total dividend of Dh17.12 billion ($ 4.66 billion), following the record-breaking IPO and successful listing of its shopping malls and retail business, Emaar Malls , on the Dubai Financial Market.Emaar has more than 690,000 sq m of recurring revenue generating assets apart from 13 hotels with over 1,900 rooms.
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