Leading UAE developer Emaar Properties said it has won approval from the company board to distribute Dh4 billion ($1.08 billion) as special dividends (Dh0.56 per share) to its shareholders.

The dividends will be paid in two parts with the first tranche of Dh3 billion ($816 million), representing 42 per cent of the capital set for distribution this month, while the second Dh1 billion tranche will be given during the annual general meeting in April, said the top developer in its statement to Dubai Financial Market.

"The board considered the funding and cash requirements of the company in light of ongoing development of large projects and approved the proposal to distribute a special dividend of Dh4 billion," the statement added.

A major player in the region, Emaar is the builder of the world's tallest tower, Burj Khalifa, and also the name behind several iconic freehold master-planned communities in Dubai including Emirates Living, Downtown Dubai, Dubai Marina and Arabian Ranches.-TradeArabia News Service