Emaar plans a hike in dividends in 2023, no IPO for noon: Mohamed Alabbar

Mohamed Alabbar, founder of Emaar Properties and noon.com, has hinted that shareholders might be in line for an increase in dividend payouts for Emaar Properties this year, as per state news agency WAM.

“Investors will submit a proposal to Emaar Properties’ board of directors to discuss increasing dividends for shareholders in 2023, in line with the company’s commitment to shareholder rights,” Alabbar said while speaking to WAM.

Alabbar highlighted Emaar Properties’ positive financial performance during H1 2023, driven by the strength of the country’s economy and the consistent growth demonstrated by the real estate as well as tourism sectors.

Alabbar said he anticipated that Emaar Properties would “continue to achieve favourable financial results in the upcoming quarters, supported by a strong sales track record, indicating sustained growth”, reported WAM.

The Emaar founder also spoke about the real estate giant’s long-term plans. He explained that the company’s board is developing growth plans for the next decade and a half, including new projects in the pipeline, countries targeted for expansion, projected future risks, as well as investments in human capital.

Will noon be listed?

Alabbar revealed that he had no immediate plans to float the e-commerce platform noon’s shares on the market.

He added that such a step will be taken into consideration in the future, especially as the Arab world is in need of a publicly listed e-commerce entity.

Alabbar also underscored noon’s proven six-year track record, marked by growth across various sectors. The e-commerce platform is backed by Saudi sovereign wealth fund – Public Investment Fund.

He added that “noon Minutes”, a fast e-commerce delivery service, and “noon Food”, a food delivery service, have gained significant traction in Dubai, Abu Dhabi, Sharjah, and Saudi Arabia since their launch a year ago.

He reiterated noon’s current focus on accelerating growth and expansion across key markets, which include the UAE, Saudi Arabia, and Egypt. Alabbar mentioned that, while the company plans to enter new markets, its primary concern is securing a strong foothold in its main markets.

Alabbar hails listing of Americana Restaurants

Alabbar, who is also the chairman of Americana Restaurants, the region’s largest quick-service restaurant holding company, spoke about the firm’s listing of its shares on the markets. He noted the listing on Abu Dhabi and Saudi Arabia “was a monumental turning point in its history”.

He added that Americana is looking to open 250 to 260 new restaurants by the end of the year, focusing on key markets, such as the UAE and Saudi Arabia. Meanwhile, the company remains steadfast in its commitment to refining operations within the Egyptian market.