Dubai’s Emaar Reelects Mohammed Alabbar, Eyes Bumper 2015 Profit

Dubai developer Emaar Properties has reelected its chairman Mohammed Alabbar at the recent annual general meeting and gave the nod to reduce the number of board members from 11 to 10, the company said.

The firm had been in the news lately due to rumours of its chairman Alabbar’s potential departure due to his commitments in other property ventures.

Emaar’s current board members include 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.

The company also sought to assure its shareholders by forecasting a 2015 net profit of Dhs3.695 billion and approved cash dividend worth Dhs1.074 billion ($292 million) for its shareholders.

The figure is also much higher than Dhs3.66 billion that was estimated by the analysts. Emaar, part owned by state fund Investment Corporation of Dubai, reported a profit of Dhs3.29 billion last year.

“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.

“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 added that Emaar’s strategy is to continue to seek opportunities to monetise its high-performing assets in other international markets and its hospitality business to create sustained value.

Emaar is currently working on two major joint venture projects Dubai Creek Harbour and Dubai Hills Estate, which have a joint value of Dhs200 billion.

The developer has also been actively launching smaller residential projects. It recently launched Downtown Views, an apartment complex in Downtown Dubai that will be connected to its flagship retail development The Dubai Mall.