Dubai’s Emaar Malls to pay $354m dividend
Change in name also approved at retail giant’s first AGM
Emaar Malls has announced that a proposal by the board to distribute 10% of the share capital, equivalent to AED1.3 bn ($354 million), has been approved.
The green signal was given at the Dubai-listed retail giant’s first annual general meeting, where the assembly also approved the amendment of the name of the company from Emaar Malls Group to Emaar Malls.
The company has also approved Ernst & Young as auditors for 2016.
In 2015, Emaar Malls recorded a net profit of AED1.65 bn ($451m), while rental income was AED2.99 bn ($815m) and recorded a growth of 11%.
Emaar Malls has a gross leasable area of about 6 million sq ft. This is being expanded with the ongoing addition of another 1 million sq ft built-up area at The Dubai Mall’s Fashion Avenue.
Mohamed Alabbar, chairman of Emaar Malls and Emaar Properties, commented saying: “Emaar Malls is a significant contributor to Dubai’s retail sector, which today accounts for nearly 30% of the total GDP. It is positioned at the top of the league in the growth of Dubai’s retail sector, and our strategy is to further expand our business by creating iconic retail destinations for visitors from around the world.”
