Emaar Development, the UAE build-to-sell property development business of top developer Emaar, said it has approved the distribution of special cash dividends worth Dh1.04 billion ($283.15 million) representing 26 per cent of the share capital (26 fils per share) to the shareholders.

The approval of the special dividend comes just as the company marks a year of its successful listing on the Dubai Financial Market.

The flagship developer of the UAE, Emaar Development has an impressive portfolio of 10 world-class destinations.

These include the wholly-owned mega-developments such as Downtown Dubai, Arabian Ranches, Dubai Marina and Emirates Living; joint venture projects including Dubai Hills Estate, Emaar South and Zabeel Square; and a joint development project – Dubai Creek Harbour, the 6-sq-km mega-development by the historic creek, anchored by the new global icon, Dubai Creek Tower.

Another key development is Emaar Beachfront, a 10-million-sq-ft Miami-style destination offering exclusive access to residents to a private beach and uninterrupted views of the Arabian Sea, The Palm Jumeirah, Dubai Marina and the Dubai skyline.

The company reported a net profit of Dh1.82 billion ($496 million) during the first six months (January to June) of 2018 and revenue of Dh6.99 billion ($1.9 billion), led by the on-schedule progress in construction and timely project delivery.

Emaar Development reported a total sales of Dh6.23 billion ($1.70 billion) during the first half of 2018. Emaar now has a total sales backlog of over Dh38.5 billion ($10.48 billion), the majority of which will be recognised as revenue over the next three to four years.

Emaar Development has launched the sale of over 3,600 residential units across its mega developments in Dubai during the first half of the year, and now has a development pipeline of more than 60 residential projects in the UAE with over 28,000 units.

Construction is progressing as per schedule for handover of the first waterfront homes in Dubai Creek Harbour next year. New construction milestones have been achieved for the delivery of homes in Dubai Hills Estate, Emaar South, Emaar Beachfront and Downtown Dubai too.-TradeArabia News Service