DUBAI — The 17th Annual General Meeting (AGM) of Emaar Properties PJSC last Wednesday re-elected its Board of Directors with Mohamed Alabbar as Chairman. The meeting also approved a cash dividend of 15 percent of the share capital equivalent to over AED1.074 billion ($292 million) for distribution to shareholders. The meeting approved the change of the Board members from 11 to 10. The re-elected Board Members of the company are: Mohamed Alabbar, Ahmad Al Matrooshi, Hussain Ahmad Dhaen Alqemzi, Ahmed Jamal Hassan Jawa, Abdul Rahman Hareb Rashed Al Hareb, Marwan Iqbal Mohammad Abdullah Abedin, Jamal Hamed Thani Butti AlMarri, Jamal Majed Bin Thaniyeh, Arif Obaid Saeed Aldehail and Abdulla Saeed Balyoahah. Emaar's total revenue in 2014 was AED9.893 billion ($2.693 billion), with its shopping malls, retail and hospitality businesses generating 5.367 billion ($1.461 billion) in recurring revenue, 54 percent of the total. Emaar's international operations recorded robust growth with FY 2014 revenue at AED1.899 billion ($517 million), 19 percent of the total revenue. Emaar also made history in 2014, distributing a total dividend of AED17.12 billion ($4.66 billion), following the record-breaking IPO and successful listing of its shopping malls and retail business, Emaar Malls on the Dubai Financial Market. Emaar has more than 690,000 sq m of recurring revenue generating assets apart from 13 hotels with over 1,900 rooms. Mohamed Alabbar, Chairman of Emaar Properties, said: “At Emaar, we are focused on maximizing stakeholder value, and our record net profit in 2014 of AED3.293 billion ($897 million) surpassed our estimates of AED3.067 billion ($835 million). Our exceptional performance is led by the trust and unwavering confidence of our shareholders on the Board of Directors, which has enabled Emaar to achieve sustained and impressive growth in the past 17 years.” He added: “As one of the world's most valuable companies with assets valued at over AED151 billion (over $41 billion), we are led by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, who inspires us to continuously challenge ourselves.” Alabbar said that Emaar is currently focused on two joint venture mega-developments in Dubai, together valued at over AED200 billion ($55 billion). “Dubai Creek Harbour, developed in association with Dubai Holding, and Dubai Hills Estate, our JV with Meraas Holding, are truly unparalleled in their size and scope in the city. They will be powerful economic catalysts for Dubai, serve as magnets for investment, offer a brand-new lifestyle choice, define Dubai as a smart city of the future and contribute to the ongoing preparations to strengthening the city's infrastructure for the Expo 2020 Dubai.” “Developing real estate assets in Dubai and other international markets will continue to be our core strategy,” said Alabbar. “With over 235 million sq of land bank and extremely strong financial fundamentals, we have the resources to build for decades to come.” Alabbar said Emaar will develop path-breaking projects in Dubai that reflect real market needs. “The property market is balancing out and we have a brand-new demand profile from end-user home-owners. We will develop quality projects for the new generation of entrepreneurs and professionals, and support it with timely deliver and efficient after-sales service.” Alabbar said Emaar's strategy is to continue to seek opportunities to monetizing its high-performing assets in other international markets as well as its hospitality business to create sustained value. — SG
