Dubai-based real estate developer Emaar has approved dividends worth 25% of its share capital, marking a positive outlook for the company in 2023.
The decision was made during the company’s annual general meeting, which was held virtually due to COVID-19 restrictions. The dividend payout amounts to AED 1.07 billion ($290 million), and will be distributed to shareholders on May 12, 2023.
Emaar’s Chairman, Mohamed Alabbar, said that the company’s strong financial position has enabled it to continue rewarding its shareholders despite the challenges posed by the pandemic.
“We are pleased to be able to distribute a healthy dividend to our shareholders, reflecting our confidence in the company’s financial performance and future prospects,” he said.
Emaar is one of the largest real estate developers in the Middle East, with a portfolio of projects spanning residential, commercial, and hospitality sectors. The company’s flagship project is the Burj Khalifa, the world’s tallest building, located in Dubai’s downtown area.
Despite the impact of the pandemic on the global real estate market, Emaar has remained resilient, with a number of new projects in the pipeline for 2023 and beyond.
The company recently announced the launch of a new luxury residential project in Dubai Creek Harbour, which is set to be completed in 2023. The project, called Palace Residences, will feature 1, 2, 3, and 4-bedroom apartments with views of the Dubai Creek Tower and the Downtown Dubai skyline.
In addition to Palace Residences, Emaar is also working on a number of other major projects, including The Tower at Dubai Creek Harbour, a mixed-use development that is set to become the tallest tower in the world when it is completed.
The company is also developing Emaar Beachfront, a new beachfront community in Dubai that will feature luxury residences, a private beach, and a range of retail and dining options.
Emaar’s positive outlook for 2023 is also reflected in its financial performance. The company reported a net profit of AED 3.3 billion ($899 million) for the first nine months of 2022, up 17% compared to the same period in the previous year.
The strong performance was driven by a number of factors, including the successful launch of new projects, a focus on cost optimization, and a strong pipeline of projects in development.
Looking ahead, Emaar is confident that it will continue to grow and succeed in the coming years, despite the ongoing challenges posed by the pandemic. The company is focused on using innovative solutions to stay ahead of the competition, and remain a leader in the Dubai economy. With strong leadership and an unwavering commitment to excellence, Emaar has established itself as one of the most respected developers in the UAE.
Emaar’s development projects have seen tremendous success, with dozens of iconic locations across the country. From high-end residential apartments to state-of-the-art commercial buildings, Emaar has proven time and again that it can deliver world-class projects on time and within budget. It also has a strong track record in corporate responsibility, with numerous initiatives aimed at improving living standards for its citizens.
“We remain committed to our long-term vision and to delivering exceptional value to our customers and shareholders,” said Alabbar. “With a strong portfolio of projects and a dedicated team of professionals, we are well positioned to capitalize on the many opportunities that lie ahead.”
In conclusion, Emaar’s decision to approve dividends worth 25% of its share capital is a testament to the company’s strong financial position and its positive outlook for 2023. With a number of major projects in the pipeline and a focus on cost optimization and value creation, Emaar is well positioned to continue delivering exceptional value to its customers and shareholders in the years to come.
