Leading Dubai developer Emaar Properties has announced that its board has won approval from shareholders for distribution of 10 per cent dividends for FY 2020.
The announcement came at Emaar's 25th Annual General Meeting (AGM), where its board of directors discussed the company’s solid performance in 2020 despite the challenges of the Covid-19 pandemic.
The approval for dividends has confirmed Emaar’s keenness to ensure added value for its shareholders, stated the developer.
During the AGM, a new 9-member board was also elected to take Emaar to the next level of future growth. The new board will be chaired by Mohamed Ali Rashid Alabbar, while Jassim Mohammed AbdulRahim Al Ali will be the vice chairman.
Emaar had recorded overall property sales of AED10.902 billion ($2.968 billion) for 2020 of which AED6.321 billion ($1.721 billion) was achieved in the UAE. The performance reflects sustained interest from investors, both domestic and foreign.
Emaar has handed over more than 72,100 residential units in Dubai and international markets, with more than 26,000 currently under development in the UAE and 12,000 units in global markets.
On the results, Emaar Properties Founder Mohamed Alabbar said: "We are grateful to our shareholders continual support, helping us to remain robust throughout 2020 and boost growth. We have been able to maintain our market position, despite the challenges brought by the pandemic and are looking forward to the development of our future innovative projects."
"We continue to redefine Dubai’s property landscape and our property sales of AED 10,902 million in 2020 is a testament to our resilience," stated Alabbar.
Setting new benchmarks in design, build quality, and innovation, Emaar consistently offers premium experiences and lifestyle opportunities across market segments; and its properties continue to remain sought-after by investors at home as well as abroad.
With the recent merger of Emaar Properties and Emaar Malls that was announced on 2 March 2021, Emaar Properties and Emaar Malls will continue to pursue the satisfaction of commercial and regulatory conditions until further notice.
"By nurturing and developing our talents within Emaar, coupled with our constant digital transformation and product innovation, we have set the benchmark for future growth and long-term value creation for our shareholders. We remain committed to creating communities and transforming lifestyles for our customers locally and internationally," he added.
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