Dubai-listed firm’s AGM approves cash dividend in excess of $292m for distribution to shareholders
Shares in Emaar Properties on Thursday climbed by almost 10% on news that the Dubai-listed property giant re-elected Mohamed Alabbar as chairman and approved a cash dividend at its annual general meeting (AGM).
The stock was the most traded on the Dubai Financial Market on Thursday, climbing 9.40% to AED8.15 by the end of the day.
Emaar’s AGM, held on Wednesday, re-elected Alabbar and approved a cash dividend of 15% of the share capital, equivalent to more than $292 million for distribution to shareholders.
The news follows speculation in the market that Alabbar plans to quit, which last month saw Emaar’s share price tumble, prompting the developer to issue a firm denial that the long-standing executive has plans to leave.
“At Emaar, we are focused on maximising stakeholder value, and our record net profit in 2014 of $897 million surpassed our estimates of $835 million,” Alabbar was quoted by Khaleej Times as saying.
Emaar is currently focused on two joint ventures valued at more than $55 billion, Alabbar said. These are Dubai Creek Harbour, developed in association with Dubai Holding, and Dubai Hills Estate, a venture with Meraas Holding.
Alabbar said Emaar has a bank of 235 million square metres of land for future development, which he said has potential for “decades to come”.
The developer’s AGM also approved the re-election of a number of other board members, and approved the change in the number of board members to 10, down from 11.
The re-elected board members are: Mohamed Alabbar, Ahmad Al Matrooshi, Hussain Ahmad Dhaen Alqemzi, Ahmed Jamal Hassan Jawa, Abdul Rahman Hareb Rashed Al Hareb, Marwan Iqbal Mohammad Abdullah Abedin, Jamal Hamed Thani Butti AlMarri, Jamal Majed Bin Thaniyeh, Arif Obaid Saeed Aldehail and Abdulla Saeed Balyoahah.