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Emaar To Approve $2.45bn Special Cash Dividend For Shareholders

Emaar To Approve $2.45bn Special Cash Dividend For Shareholders

The company said it would pay the special cash dividend following the recent IPO of Emaar Malls Group.

Dubai developer Emaar Properties has called for an ordinary general meeting (OGM) of its board and shareholders on Monday, November 24, to approve a special cash dividend of Dhs9 billion ($2.45 billion), it announced on Sunday.

The special cash dividend follows the “successful” IPO and listing of the Emaar Malls Group, which recorded total orders of over Dhs172 billion ($46.8 billion), the company said in a statement.

Once approved, the total value of dividends to be distributed to Emaar’s shareholders this year will be over Dhs17.12 billion ($4.66 billion) – about 250 per cent of the par value of the company’s shares, it said.

It will also be one of the largest announced by any listed company in the UAE, Emaar added.

Mohamed Alabbar, chairman of Emaar Properties, said: “The additional cash dividend is a strong demonstration of our commitment to create long-term value for our shareholders. Their confidence in our growth strategy has been our inspiration in undertaking the IPO for Emaar Malls Group, which is now listed on Dubai Financial Market.

“This year has been exceptional for Emaar in our concerted attempts at value creation for our stakeholders with all our core businesses – property, malls and hospitality & leisure – recording robust growth. Our international operations are also robust.”

In April, Emaar announced a dividend of Dhs8 billion, including 15 per cent cash dividend – equivalent to about Dhs975 million, and 10 per cent bonus shares – or 650 million shares valued at about Dhs7.12 billion as of April 23, 2014.

During the first nine months of the year, the company recorded a net operating profit of Dhs2.48 billion and revenues of Dhs7.04 billion. Its malls unit accounted for 27 per cent of the total revenues, amounting to Dhs1.89 billion ($517 million).

Emaar, which has launched several new projects this year, had total assets worth Dhs64.93 billion ($17.68 billion) as of end-2013 and a land bank of over 226 million sqm.

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