Emaar Development General Meeting Approves Dh1.04 Billion Special Cash Dividend for Shareholders
The General Meeting of Emaar Development, the UAE build-to-sell property development business majority-owned by Emaar Properties, approved the distribution of AED 1.04 billion (US$ 283.15 million), representing 26 per cent of the share capital being 26 fils per share, as special cash dividend to the company’s shareholders. The special dividend was approved 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 square kilometre mega-development by the historic creek, anchored by the new global icon, Dubai Creek Tower. Another key development is Emaar Beachfront, a 10 million square feet of 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 AED 1.82 billion (US$ 496 million) during the first six months (January to June) of 2018 and revenue of AED 6.99 billion (US$ 1.90 billion), led by the on-schedule progress in construction and timely project delivery. Emaar Development reported total sales of AED 6.23 billion (US$ 1.70 billion) during H1 2018. Emaar now has a total sales backlog of over AED 38.50 billion (US$ 10.48 billion), 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 over 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.
Emaar Development is the leading developer of residential and commercial build-to-sell (BTS) assets in the UAE. The company is behind iconic freehold master-planned communities in Dubai including Emirates Living, Downtown Dubai, Dubai Marina and Arabian Ranches, and has delivered over 34,800 residential units since 2002. The company has a sales backlog of over AED 38.50 billion, and is a high cash flow generating business, highlighting the robust fundamentals of the company with more than 28,000 residential units to be delivered over the next four to five years.
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