Emaar’s Board of Directors approves total cash dividend of Dh9 bn

Dubai: The Board of Directors of Emaar Properties PJSC has approved a Special Cash Dividend of Dh9 billion to be distributed to the company’s shareholders taking the total value of dividends distributed this year to over Dh17.12 billion. The total value of the dividends is about 250 per cent of the par value of Emaar’s shares.

The newly-announced cash dividend follows strong investor response to the initial public offering of Emaar Malls Group, which recorded total orders of over Dh172 billion. Emaar said it will conduct an Ordinary General Meeting to seek the approval of its shareholders in distributing the special dividend.

One of the most actively traded shares on DFM, Emaar’s stock value has increased by about 108 per cent in the past 52 weeks, with year-to-date increase in value by over 62 per cent. As of October 11, 2014, Emaar has a market capitalisation of over Dh81.98 billion.

Mohammad Al Abbar, Chairman of Emaar Properties, said: “With over Dh17.12 billion in dividend, including Dh10 billion in cash, declared this year, Emaar has set a milestone in enhancing value for our shareholders. Earlier this year, we had announced the additional cash dividend from the listing of Emaar Malls, and we are now delivering on our promise to them.”

In April, Emaar declared dividend of Dh8 billion, including 15 per cent cash dividend, equivalent to about Dh975 million, and 10 per cent bonus shares, or 650 million shares, valued at about Dh7.12 billion at Dh10.95 per share, as of April 23, 2014.

The leading owner and operator of shopping malls in Dubai, Emaar Malls has a total gross leasable area (GLA) of approximately 5.9 million square feet (as at 30 June, 2014) and a GLA occupancy rate of 95 per cent in the six months ended 30 June 2014, operating through four divisions. Its flagship asset, The Dubai Mall is the world’s most visited retail and lifestyle destination.

With assets of Dh64.93 billion as of 2013 end and a land bank of over 226 million square metres in high-growth international markets, Emaar also owns 12 hotels and resorts, with over 1,900 rooms. This year, Emaar has launched several new major projects, which received strong investor response.