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Shareholders of Dubai’s largest developer, Emaar Properties, have approved the Board of Directors’ proposal to pay a dividend of 50 fils per share totalling AED 4.4 billion (USD 1.2 billion) and voted for the appointment of new members to the board who will “spearhead the company's growth strategy.”
On Monday, April 22, 2024, the Annual General Meeting of shareholders of the PJSC was held in Dubai, where shareholders also voted to appoint Mohamed Ali Rashed Alabbar, Jamal Majed Khalfan Bin Thaniah, Ahmed Jamal Hassan Jawa, Buti Obaid Buti AlMulla, Eman Mahmood Ahmed Abdulrazzaq, Abdulla Ali Ahmad Bin Zayed Alfalasi, Ahmad Saeed Obaid Bin Meshar Almheiri, Omar Hamad Abdulla Hamad BuShahab, and Mohammad Omar Karim to the board.
During the Annual General Meeting, the Board of Directors presented the company’s performance in 2023. Notably, the group achieved property sales totalling AED 40.3 billion (USD 11 billion), with AED 37.4 billion (USD 10.2 billion) generated from the domestic market. Additionally, Emaar reported revenue of AED 26.7 billion (USD 7.3 billion) and net profit of AED 11.6 billion (USD 3.2 billion) for the same period, representing growth rates of 7% and 70%, respectively, compared to the previous year.
These accomplishments were bolstered by the growth in tourism, a sustained uptick in retail sales, and a consistent rise in real estate demand. Additionally, Emaar saw a notable 67% increase in EBITDA (earnings before interest, taxes, depreciation, and amortisation) in 2023, reaching AED 17.3 billion (USD 4.7 billion) compared to 2022.
The momentum continues as Emaar maintains robust property sales in the domestic market throughout 2024. Sales volume since the year’s onset has surpassed AED 19 billion (USD 5.2 billion), marking a remarkable increase of over 60% compared to the same period last year.
Mohamed Alabbar, the founder of Emaar Properties, remarked, “In light of the remarkable results we are witnessing in 2024, Emaar is highly optimistic and relentlessly focused on exceeding operational excellence, amplifying investment returns, and improving customer satisfaction.”
