Emaar's 15th Annual General Meeting
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Emaar Properties PJSC, the global property developer, today (April 9, 2013) declared 10 percent cash dividend, equivalent to about AED 609 million, at the 15th Annual General Meeting (AGM) held in Dubai.
The AGM also approved the report of the Board of Directors on the company’s activities and financial position, and the Auditors’ report for the year ending December 31, 2012. In addition to granting approval for the members of the Board to carry on activities included in the objects of the company that are not directly competing, the AGM also appointed Ernst & Young as the Auditors for year 2013.
Addressing the shareholders, Mohamed Alabbar, Chairman of Emaar Properties, said: “Led by the visionary guidance of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, the resurgent growth of Dubai’s core economic sectors – trade, retail, hospitality, aviation and tourism – was a positive force for Emaar’s growth in 2012.
“We 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.
He added: “Our outlook for 2013 is positive, and we are committed to create long-term value for our stakeholders. 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.
“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.
With total assets of over AED 61.2 billion (US$ 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 AED 8.240 billion (US$ 2.243 billion) in 2012, and net profits grew 18 percent over 2011 to AED 2.119 billion (US$ 577 million).
The company’s shopping malls & retail and hospitality & leisure businesses contributed AED 4.096 billion (US$ 1.115 billion) to the full-year 2012 revenue, representing 50 percent of the total. The contribution of Emaar’s international operations to the total revenue was AED 1.264 billion (US$ 344 million), reinforced by the handover of homes and offices in Turkey, Lebanon, Saudi Arabia, Egypt and Pakistan, among other markets.
Underlining Emaar’s focus on creating self-sustaining communities, Emaar’s flagship mega-development, the 500-acre Downtown Dubai, has evolved as among the world’s most visited lifestyle destinations. It will soon be the region’s definitive cultural destination with The Opera District featuring new ‘art hotels,’ several leisure components, residential apartments and design studios.
This year, Emaar has sustained its growth momentum with the successful launch of The Address Residence Fountain Views I and II and The Address Residence Sky View, which recorded sell-out customer response. Emaar is also expanding its flagship shopping mall asset, The Dubai Mall by another 1 million sq ft. In addition to a high-street boulevard style retail experience, the expansion will include luxury homes and serviced residences.
In Turkey, Emaar has launched Emaar Square, with the launch of The Address Residence Emaar Square, Istanbul, recording strong investor response from Turkey and the GCC region. In Egypt, Emaar Misr has launched Emaar Square, a ‘city within a city’ development, within Uptown Cairo in 2012. Emaar Square features a residential neighbourhood, business park, a five star premium Address Hotel and serviced residences, and Egypt's largest open mall.
Emaar is focused on strengthening its competencies in developing prime real estate assets in the Middle East and North Africa region, the Indian Subcontinent and South Asia as well as its successful shopping malls & retail and hospitality & leisure businesses, and expanding to key markets globally.