Dubai-based developer Emaar Properties declared a 10 per cent cash dividend, equivalent to about Dh609 million ($166 million), for its shareholders at the company's annual general meeting (AGM) held in Dubai.

 

Addressing the shareholders, chairman Mohamed Alabbar said, “In Dubai, we will leverage the market buoyancy and develop iconic projects that add to the city’s civic pride. We will also develop new shopping mall & retail and hospitality & leisure assets in our key markets. Performance backed by purpose and social responsibility will be our watchwords in our journey forward.”
 

 

"As a premier property developer, our foremost responsibility will be to develop prime real estate assets through master-planned developments that also serve as economic growth engines," he stated.

 

“We have recorded overwhelming response to our new project launches, and the massive boost in investor confidence resonates across the economy. Today, Emaar’s prime real estate assets, across the world, have been transformed into self-sustaining businesses that are now entering a new era of growth,” added Alabbar.

The Emaar chief said the outlook for 2013 was positive, and the group was committed to create long-term value for the stakeholders.

With total assets of over Dh61.2 billion ($16.7 billion), an impressive land bank of more than 230 million sq m in international markets, and over 11.19 million sq m in current gross construction area in the UAE, Emaar’s revenues reached Dh8.24 billion in 2012, while its net profits grew 18 per cent over 2011 to Dh2.12 billion.
 

Before the meeting, Emaar shares rose 2.1 per cent on Tuesday, extending strong gains in recent days, partly on speculation by some investors that shareholder pressure might prompt management to raise the dividend, traders said.-TradeArabia News Service