EMAAR Properties PJSC declared a cash dividend of 15 percent of the share capital, equivalent to AED1.074 billion ($292 million), for distribution to the company's shareholders at the 19th Annual General Meeting held last April 18. 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 Emaar has created sustained value for shareholders through its competencies premium real estate, malls and hospitality. "The leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, inspires us to push our boundaries and expand our operations with the goal of creating added value for our stakeholders." He added: "Our ambition is to further strengthen customer loyalty and enhance our brand value. We will achieve this with our absolute focus on being a customer-centric organization. We will also strengthen our financial performance by maintaining a robust balance sheet. Across all our businesses, we focus on bringing high-caliber professionals while also shaping the next generation of young future leaders. 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." In 2016, Emaar recorded net profit of AED5.233 billion ($1.425 billion), and revenues of AED15.540 billion ($4.231 billion). Recurring revenues from Emaar's shopping malls, hospitality, entertainment and leisure businesses was AED5.976 billion ($1.627 billion), 38 percent of the total Group revenue. Emaar's international operations reported revenue of AED2.665 billion ($726 million), 17 percent of the total Group revenue. The performance of Emaar's real estate sales in Dubai recorded notable growth during 2016 at AED14.4 billion ($3.92 billion). Sales across various international markets in 2016 were valued at AED3.9 billion ($1.1 billion). The Group now has a backlog of AED42.977 billion ($11.701 billion) to be recognized in the next few years. Emaar also strengthened its landbank, notably in Dubai, without capital investment through joint ventures and strategic partnerships. The company's land bank in the UAE now stands at over 24 million sq m taking its total land bank across all markets to over 190 million sq m. Emaar Malls, the shopping malls & retail business majority-owned by Emaar Properties, recorded a net profit of AED1.874 billion ($510 million) and revenue of AED3.227 billion ($879 million) in 2016. The shopping malls assets of Emaar Malls together welcomed 125 million visitors during 2016. The Dubai Mall continues to be the world's most visited retail and leisure destination, having welcomed 80 million visitors per annum for the past three consecutive years. The hospitality & leisure, commercial leasing and entertainment business of Emaar recorded revenues of AED2.749 billion ($748 million) in 2016. Average occupancy of hotels under Emaar Hospitality Group in Dubai was 85 percent, higher than the industry average. Emaar is now developing The Tower in Dubai Creek Harbour, billed to be one of the fascinating attractions in the world. Emaar is also strengthening Dubai's retail sector through new retail precincts in Dubai Creek Harbour and Dubai Hills Estate. Another smart development for the future is Emaar South in Dubai South, a next-generation lifestyle destination in the new aviation and logistics hub of the city, located near the venue of Expo 2020 Dubai.
