Emaar Development Greenlights Dh2.082 Billion Dividend for 2023

Photo : Bloomberg

During its Annual General Meeting, Emaar Development witnessed an acknowledgment of its robust performance, as shareholders greenlit the board of directors' proposal to distribute a substantial dividend of Dh2.082 billion (US$ 567 million) for the fiscal year 2023. This dividend, equivalent to 52 per cent of the share capital (~Dh52 fils per share), underscores the company's commitment to rewarding its investors.

Emaar Development PJSC's stellar financial results for 2023 were highlighted, with property sales soaring to Dh37.4 billion, marking a remarkable 22 per cent increase compared to the previous year. This surge in sales has contributed to a healthy sales backlog of Dh57.1 billion, ensuring a steady revenue stream in the years ahead. In 2023, the company reported revenue of Dh11.9 billion and net profit of Dh6.6 billion, showcasing an impressive 74 per cent growth compared to the preceding year.

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The year 2023 witnessed Emaar Development delivering over 12,000 residential units across prime locations in Dubai, including prestigious developments such as Dubai Hills Estate, Dubai Creek Harbour, Downtown Dubai, Emaar Beachfront, Arabian Ranches, and Emaar South. As of December 2023, Emaar has successfully handed over more than 70,000 residential units in the UAE, with an additional 25,500 residences currently under development.

Mohamed Alabbar, the founder of Emaar Properties, attributed the company's record-breaking success in 2023 to its superior operational strategies and the robust demand for its premium offerings. Looking ahead to 2024, Alabbar expressed confidence in capitalizing on a dynamic lineup of property launches and ambitious new projects.

Alabbar also underscored the crucial role played by shareholders, management, and the workforce in driving Emaar Development's consistent year-over-year growth and increasing profitability. He emphasized the company's dedication to delivering exceptional shareholder value while contributing significantly to Dubai's economic vibrancy, which is built on the foundation of trust and quality synonymous with the esteemed Emaar brand.