Emaar Properties to hold 13th Annual General Meeting on March 28

Emaar Properties will hold its 13th Annual General Meeting on Monday, March 28, 2011, at 5pm at the Constellation Ballroom of The Address Dubai Marina. 

The AGM will discuss and approve the report of the Board of Directors on the activities and financial position of the company and the company’s balance sheet. The AGM will also discuss the appointment of the Auditors for 2011. 

In 2010, Emaar recorded a net operating profit of AED 3.034 billion (US$ 826 million), 31 percent higher than the net operating profit of AED 2.324 billion (US$ 633 million) recorded in 2009. Annual revenue for 2010 was AED 12.150 billion (US$ 3.308 billion), 44 percent higher than the 2009 revenues of AED 8.413 billion (US$ 2.29 billion). 

The company’s shopping malls & retail and hospitality subsidiaries contributed significantly to the revenues for the year, highlighting the successful creation of recurring revenue streams for Emaar. Approximately 24 percent of the total revenues were from these two business segments with shopping malls & retail revenues of AED 1.9 billion (US$ 517 million), and hospitality revenues of approximately AED 1 billion (US$ 272 million). 

Emaar Properties will continue to focus on its strategy of creating prime real estate assets, and strengthening its shopping malls & retail and hospitality & leisure businesses in 2011, which is expected to be a signature year as international operations contribute significantly to the revenue stream. 

The developer of Burj Khalifa, the world’s tallest building, Emaar is the pioneer of master-planned communities in Dubai, and today, has a strong geographic presence in key emerging markets in the Middle East and North Africa region, the Indian Subcontinent and South Asia. Last year, Emaar handed over 3,500 units in the UAE and internationally.