Emaar’s Board of Directors proposes 20 per cent cash dividend

Dubai, UAE; February 13, 2008: The Board of Directors of Emaar Properties PJSC has proposed a cash dividend of 20 per cent of the nominal value of shares to be ratified at the upcoming Annual General Meeting (AGM) scheduled for March 19, 2008.

This announcement follows a meeting of the Board of Directors, held yesterday (February 12) during which the Board also resolved a new ‘Dividend Policy’ at a minimum of 20 per cent of the nominal value of the shares, which is aimed at enhancing value for the company’s stakeholders. The dividend policy will depend on relevant domestic and global market conditions as well as Emaar’s projected growth and capital commitments, and the actual dividends shall be subject to approval from the shareholders annually.

Mr Mohamed Ali Alabbar, Chairman, Emaar Properties, said: “To achieve our Vision 2010 of being one of the most valuable companies in the world, the business must re-invest its resources for Emaar to continue its path to growth. The proposed new Dividend Policy further demonstrates our strong investor relations and corporate governance policies, and will serve as a roadmap for the company’s growth.”

The AGM follows Emaar’s announcement of the full-year 2007 financial results, recording net profits of AED 6.575 billion (US$1.790 billion), 3 per cent higher than the net profit of AED 6.371 billion (US$1.735 billion) posted in 2006. Emaar’s annual revenue for 2007 is AED 17.566 billion (US$4.782 billion), an increase of 25 per cent compared to AED 14 billion (US$3.813 billion) in 2006. Earnings per share (EPS) for the year 2007 is AED 1.08 (US$0.29) compared to AED 1.05 (US$0.29) in 2006.

Other items on the AGM agenda are the approval by shareholders of Emaar’s annual accounts for the year ended December 31, 2007; the declaration of transfers to reserve; and the appointment of auditors for year 2008. The audited financials will be published soon along with formal invitation for the AGM.

Mr Alabbar added: “Through our focus on business segmentation, international expansion and strong regional partnerships, Emaar recorded another strong financial year in 2007. The consistently robust performance of the company will further fuel our global expansion plans.”

In 2007, Emaar was ranked in the Financial Times Global 500 list, while its flagship development, Burj Dubai, become the tallest building and free-standing structure in the world. Emaar also ranked in the Top 10 of S&P’s IFCG Extended Frontier 150 Index for frontier equity markets covering constituents from 26 countries. Signalling the success of its international operations, Emaar’s joint ventures in India and Morocco earned profits during 2007, thus contributing positively to Emaar’s overall profitability.