Emaar Development AGM
Board of Directors also reaffirmed commitment to deliver high-quality residences and communities to customers and residents at the AGM on Tuesday. Image Credit: Supplied

Dubai: Emaar Development PJSC, on Tuesday, approved the board of directors’ proposal to distribute a dividend of Dh2.082 billion ($567 million), which equals 52 per cent of the share capital (Dh52 fils per share). Furthermore, the board’s report on the company’s activities and financial position and the Auditor’s report were also approved at the company's AGM on Tuesday. 

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Emaar Development PJSC reported property sales of Dh37.4 billion ($10.2 billion), an increase of 22 per cent compared to 2022. This resulted in a healthy sales backlog of Dh57.1 billion ($15.5 billion), which will be recognised as revenue in the coming years.

In 2023, the company reported revenue of Dh11.9 billion ($3.2 billion) and net profit of Dh6.6 billion ($ 1.8 billion), which reflects a 74 per cent growth compared to 2022.

Emaar Development delivered over 12,000 residential units in 2023 across neighbourhoods, including Dubai Hills Estate, Dubai Creek Harbour, Downtown Dubai, Emaar Beachfront, Arabian Ranches, and Emaar South. As of December 2023, Emaar had delivered over 70,000 residential units in the UAE, with over 25,500 residences currently under development.

Mohamed Alabbar, Founder of Emaar Properties, said, “In 2024, we will capitalise on a dynamic lineup of property launches and ambitious new projects. Our consistent year-over-year growth and increasing profitability are directly attributed to the unwavering support of our shareholders, astute management, and highly skilled workforce.”