Dubai, March 2, 2005: Emaar Properties PJSC conducted its seventh Annual General Meeting this evening in the presence of the company’s Board of Directors and senior executives of the company and its subsidiaries.
The Extraordinary General Meeting declared 13 percent dividends and 7 percent of bonus shares.
Mohamed Ali Alabbar, Chairman, Emaar Properties disclosed that the company is developing a number of projects in the Kingdom of Saudi Arabia totalling approximately SR 12 billion, in addition to huge developments in India totalling US$ 2 billion.
The AGM’s agenda included approval by shareholders of the company’s annual accounts for the year ended December 31, 2004; to declare transfers to reserve and to appoint auditors for the year 2005.
Emaar’s AGM followed the company’s record annual profits of AED 1.691 billion for the year ended December 31, 2004. This corresponds to a net profit increase of AED 1.015 billion or 150 percent. Net profit for fiscal 2003 was AED 676 million.
The year 2004 was significant in the company’s seven-year old history.
Emaar handed over more than 8,000 homes to its owners and launched nearly 40 communities, unprecedented for any developer anywhere in the world.
The Middle East’s largest developer of lifestyle properties will be proceeding to establish a worldwide group of luxury hotels and vacation resorts in partnership with Giorgio Armani S.p.A. The first ‘Armani Hotel’ will be an integral part of the iconic Burj Dubai tower, which opens in 2008. This was followed by a resolution to split the nominal value of the Company's share from AED 10 to AED 1 per share.
The company received global attention following the official launch of Burj Dubai tower in the presence of His Highness General Sheikh Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Defence Minister.
Emaar established a joint venture with Al Oula Real Estate to set up Emaar Middle East and focus on developments in Saudi Arabia and other GCC countries. The company also identified partners in Libya, Morocco and Egypt to build major mixed-use real estate developments.
Construction work on the mixed used development which includes commercial, residential and leisure facilities as also the convention centre, in the southern Indian state of Hyderabad, has already begun.
