: Global property developer Emaar Properties will distribute a special cash dividend of AED 9 billion (US$ 2.45 billion) that was approved recently at the Ordinary General Meeting of the company to shareholders, on December 23, 2014.
The special cash dividend being distributed this month, takes the total dividend distributed in 2014 to AED 17.12 billion (US$ 4.66 billion). This marks a record in dividends distributed by a Public Joint Stock Company in the region highlighting the commitment of Emaar to create long-term value for its shareholders.
Mohamed Alabbar, Chairman of Emaar Properties, said: “This year has been extremely significant for Emaar as we demonstrated our focus on building value for our shareholders. They have consistently stood by us in our growth journey, trusting our strategy to develop our competencies in shopping malls & retail and hospitality & leisure apart from developing iconic projects and expanding to high-growth international markets. The largest dividend distribution this year by Emaar underlines our gratitude to them.”
Earlier this year, Emaar had distributed dividends of AED 8 billion (US$ 2.18 billion) including 15 per cent cash dividend, equivalent to about AED 975 million (US$ 265.5 million), and 10 per cent bonus shares, or 650 million shares, valued at about AED 7.12 billion (US$ 1.94 billion) at AED 10.95 per share, as of April 23, 2014.
The Special Cash Dividend follows the successful IPO and listing of the Emaar Malls Group, the shopping malls and retail business of Emaar Properties, which had recorded total orders of over AED 172 billion (US$ 46.8 billion). Emaar had committed to distribute the proceeds from the IPO as dividend to shareholders.