Dubai’s Emaar appoints new board, approves dividend plan

Dubai developer Emaar Properties has appointed a new board of directors at its 25th annual general meeting (AGM), it announced on Sunday.

Existing members who remain on the board include Emaar founder Mohamed Ali Rashid Alabbar, Jassim Mohammed AbdulRahim Al Ali, Ahmad Thani Rashed Al Matrooshi, Jamal Majed Khalfan Bin Theniyah and Ahmed Jamal H Jawa.

New members include: Buti Obaid Buti AlMulla, Eman Mahmood Ahmed Abdulrazzaq, Helel Saeed Salem Saeed Almarri and Sultan Saeed Mohammed Nasser AlMansoori.

They replace Arif Obaid Al Dehail, Abdullah Saeed Bin Majid Belyoahah and Jamal Hamed Al Marri.

The board discussed the company’s performance in 2020 in light of the Covid-19 pandemic and the measures taken to safeguard business performance.

The dividend distribution proposal from the board, representing 10 per cent of the share capital, was approved at the AGM, a statement said.

The 2020 report on the company’s activities and financial position and the auditor’s report were also approved.

Emaar Properties reported a net profit of Dhs2.617bn for 2020, recording a 57.8 per cent drop compared to Dhs6.2bn in 2019.

Its revenues of Dhs19.71bn also dipped 19.8 per cent year-on-year.

Emaar recorded overall property sales of Dhs10.9bn for 2020 of which Dhs6.3bn was in the UAE.

Read: Dubai’s Emaar Properties posts 58% slump in net profit for 2020

The company has handed over more than 72,100 residential units in Dubai and international markets, with more than 26,000 currently under development in the UAE and 12,000 units in global markets.

Mohamed Alabbar said: “We have been able to maintain our market position, despite the challenges brought by the pandemic and are looking forward to the development of our future innovative projects. We continue to redefine Dubai’s property landscape.”

Last month, Emaar Properties also announced plans to merge with Emaar Malls – which is also listed on Dubai Financial Market (DFM).

As part of the transaction, the existing business of Emaar Malls will be reconstituted in a wholly owned subsidiary of Emaar Properties and will continue to develop and hold a portfolio of premium shopping malls and retail assets.

Meanwhile, Emaar Properties will continue to be listed on the DFM.

Read: Dubai-listed Emaar Properties and Emaar Malls announce merger plans

“With the recent merger…Emaar Properties and Emaar Malls will continue to pursue the satisfaction of commercial and regulatory conditions until further notice,” the statement issued on Sunday added.