Home Business Emaar Development approves $283m cash dividend

Emaar Development approves $283m cash dividend

Business 2018/10/19 at 5:00 AM

The general meeting of Emaar Development, the subsidiary of Emaar Properties, has approved the distribution of a special cash dividend of AED1.04 billion ($283.15 million), representing 26 percent of the share capital.

The dividend to shareholders was approved as the company marks a year since its listing on Dubai Financial Market.

The developer has a portfolio of 10 destinations including Downtown Dubai, Arabian Ranches, Dubai Marina and Emirates Living and is currently building Dubai Creek Harbour, the 6 sq km mega-development by the historic creek, anchored by Dubai Creek Tower.

The company reported a net profit of AED1.82 billion for the first six months of 2018 and revenue of AED6.99 billion, led by the on-schedule progress in construction and timely project delivery.

Emaar Development reported total sales of AED6.23 billion in the same period and now has a total sales backlog of over AED38.50 billion, the majority of which will be recognised as revenue over the next three to four years.

Emaar Development has launched the sale of over 3,600 residential units across its mega developments in Dubai during the first half of the year, and now has a development pipeline of more than 60 residential projects in the UAE with over 28,000 units.

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