An Emaar project on Dubai Creek Harbour. The Dubai Creek Harbour stretches across 6 square kilometres. Image Credit: COURTESY Emaar

Dubai: Emaar Properties said it declared 15 per cent cash dividend post an approval from the annual general meeting or equivalent to Dh1.074 billion, for distribution to the shareholders.

The AGM also approved the report of the Board of Directors on the activities and financial position of Emaar, the Auditor’s report, and balance sheet for 2016. Ernst and Young was appointed as the auditor for 2017. The assembly also approved the Employees Incentive Scheme.

Mohamed Alabbar, Chairman of Emaar Properties, said that Emaar has created sustained value for shareholders through its competencies premium real estate, malls and hospitality.

“Our new growth approach is led by the digital transformation of our operations, which will transform our company and ensure that we are future-ready,” Alabbar said.

In 2016, Emaar recorded net profit of Dh5.233 billion, and revenues of Dh15.540 billion.

The performance of Emaar’s real estate sales in Dubai recorded notable growth during 2016 at Dh14.4 billion.