Dubai, UAE; April 21, 2012: Emaar Properties will hold its 14th Annual General Meeting on Monday, April 23, 2012, at 4pm at the Diamond Ballroom of The Address Dubai Mall hotel in Downtown Dubai.
At the AGM, the members of the Board of Directors will be elected through a cumulative voting system. The list of nominees and their resumes are posted at www.emaar.com. The AGM will also discuss the proposal of the Board of Directors regarding the distribution of dividends to shareholders, amounting to 10 per cent of the company’s share capital for the fiscal year 2011.
The meeting will discuss the approval of the report of the Board of Directors on the company’s activities and financial position, and the balance sheet for the year ending December 31, 2011. The auditors for the year 2012 will also be appointed at the AGM.
In 2011, Emaar recorded a net operating profit of AED 2.058 billion (US$ 560 million) and annual revenues of AED 8.112 billion (US$ 2.209 billion). The shopping malls & retail business of Emaar contributed AED 2.14 billion (US$ 583 million) to annual revenues, representing 26 per cent of the total. Emaar’s hospitality & leisure business contributed AED 1.22 billion (US$ 332 million) to the company’s annual revenues in 2011, representing 15 per cent of the total.
Emaar also recorded strong growth in its international revenue stream following the successful handover of homes and offices in markets including Turkey, Pakistan, Syria, Egypt and Saudi Arabia. The contribution of international operations to the company’s 2011 annual revenue almost doubled to AED 1.81 billion (US$ 493 million), compared with 2010.
In total, during 2011, Emaar handed over 350 residential units and over 800,000 sq ft of commercial space in Dubai and 604 units in other global markets, highlighting the company’s continued focus on developing premium real estate assets. Emaar has handed over more than 33,500 residential units since 2001.
Emaar, the developer of Burj Khalifa, is focused on strengthening its competencies in developing prime real estate assets in the Middle East and North Africa region, the Indian Subcontinent and South Asia as well as its successful shopping malls & retail and hospitality & leisure businesses, and expanding to key markets globally. The Dubai Mall, the flagship development of Emaar, hosted record visitor arrivals of 54 million in 2011, and is billed as the world’s most visited shopping and leisure destination.