Emaar 16th Annual General Meeting
Emaar Properties PJSC, the global property developer, today (April 23, 2014) declared a total distribution valued over AED 8 billion (US$ 2.18 billion) in cash and bonus shares at its 16th Annual General Meeting (AGM) held in Dubai.
This includes 15 per cent cash dividend, equivalent to about AED 975 million (US$ 265.5 million), and 10 per cent bonus shares, or 650 million shares, valued at about AED 7.12 billion (US$ 1.94 billion) at AED 10.95 per share, as of April 23, 2014. The meeting also highlighted Emaar’s past achievements, contribution to Dubai’s economy and future growth strategy.
Mohamed Alabbar, Chairman of Emaar Properties, said the confidence and trust of the company’s stakeholders enabled Emaar to focus on its growth strategy of creating prime real estate assets, business segmentation and geographic expansion to deliver long-term value.
To further highlight Emaar’s commitment to its shareholders, the company plans to list up to 25 per cent of the Emaar Malls Group equity through a secondary offering of shares, subject to market conditions. The funds to be raised, estimated at between AED 8 to 9 billion (over US$ 2 to 2.4 billion), will be primarily distributed as dividend to the company’s shareholders.
“Over the past 17 years, we have redefined the dynamics of property development. We have shaped a new growth approach that now serves as a template for others, across the world. His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, inspired us to take responsible risks and to challenge ourselves continuously.
“We thank our shareholders for the opportunity to partner in our city’s amazing transformation into a global hub. They supported us in further establishing Dubai as an extraordinary city in one of the best nations in the world,” said Mr. Alabbar.
Mr. Alabbar said that the company will draw on the robust economic growth of Dubai, led by the preparations to host the best Expo ever in 2020. “We are also implementing our strategy to make our high-growth businesses as independent profit centres that contribute added-value to the Group. Emaar will continue to create robust cities of the future in Dubai and other international markets. We have the financial fundamentals and global market credentials to be world’s most admired property and lifestyle developer.”
The 16th 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, 2013. 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 appointed Ernst and Young as the Auditors for year 2014.
The AGM also ratified the appointment of Jamal Hamed Thani Buti Al Marri as Board Member replacing HE Abdullah Al Ghobash for the rest of the latter’s term as member of the Board of Directors of Emaar Properties.
Highlighting its diversified portfolio, Emaar has over 690,000 sq m of recurring revenue generating assets, and 12 hotels and resorts, with over 1,900 rooms. With assets of AED 64.93 billion (US$ 17.68 billion) as of 2013 end and an impressive land bank of over 226 million sq m in high-growth international markets, Emaar’s strategy for 2014 is to leverage the buoyant growth of Dubai’s real estate sector through iconic projects, build further on its strategic partnerships, develop mall assets in international markets, and explore opportunities for monetizing its core assets to provide further growth capital and create long-term value for its stakeholders.
Emaar has launched several new major projects in Dubai in 2013 and the first quarter of 2014, which received strong investor response.