Emaar approves 20pc cash dividend
The financial results for Emaar Properties PJSC for the year ended December 31, 2007, were approved at the company's tenth Annual General Meeting (AGM), which was held yesterday.
The assembly approved a cash dividend of 20 per cent of the nominal value of shares, which will be entitled to all shareholders registered on the tenth day following the date of the AGM.
One of the world's leading property developers, Emaar's current land bank stands at 519 million square metres - over twelve times more than in 2005. The fair value of this land increased by 74 per cent from Dh68 billion in 2006 to Dh118 billion (US$32 billion) as at end of 2007.
Presenting the company's financial results for 2007 and outlining its future growth strategy, Mohamed Ali Alabbar, Chairman, Emaar Properties, said that despite the prevailing volatility in international capital markets, the company maintains its dominant global role. "Our strategy of creating significant value for our shareholders is progressing well. The net asset value of the Group, including the fair value of the land, real estate properties and market value of listed associates increased 46 per cent from Dh11.6 per share in 2006 to Dh16.9 per share as at end of 2007."
Emaar's partnership with Bawadi LLC to develop 70 million square feet of land increased the company's land bank in Dubai by 76 per cent to 162 million square feet. "This transaction is fully in line with the Dubai Strategic Plan outlined by His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, and demonstrates how the emirate can continue to enjoy a leadership position by leveraging its existing strengths," said Alabbar.
He added: "By aiming higher, we hope to achieve even greater things. Emaar is well on its way to becoming one of the most valuable companies in the world by 2010, and we are grateful to our shareholders for their trust in our strategy of geographic expansion and business segmentation, aimed at generating even more long-term value for them."
Highlighting the gains by Emaar's business subsidiaries, Alabbar said that Emaar Hospitality will build assets with a total value of Dh3.5 billion ($950 million) through a portfolio of seven hotels by next year. Emaar Malls Group, the shopping malls subsidiary, will open The Dubai Mall and Dubai Marina Mall towards the end of 2008 with a combined asset value of Dh9 billion ($2.45 billion) and gross leasable area of over 3.9 million square feet.
Alabbar pointed out that the Armani Residences at Burj Dubai, which last year achieved the iconic status of being the world's tallest building, also commands some of the world's highest prices, with the Armani Residences achieving prices of up to Dh12,888 ($3,509) per square feet. Source
The assembly approved a cash dividend of 20 per cent of the nominal value of shares, which will be entitled to all shareholders registered on the tenth day following the date of the AGM.
One of the world's leading property developers, Emaar's current land bank stands at 519 million square metres - over twelve times more than in 2005. The fair value of this land increased by 74 per cent from Dh68 billion in 2006 to Dh118 billion (US$32 billion) as at end of 2007.
Presenting the company's financial results for 2007 and outlining its future growth strategy, Mohamed Ali Alabbar, Chairman, Emaar Properties, said that despite the prevailing volatility in international capital markets, the company maintains its dominant global role. "Our strategy of creating significant value for our shareholders is progressing well. The net asset value of the Group, including the fair value of the land, real estate properties and market value of listed associates increased 46 per cent from Dh11.6 per share in 2006 to Dh16.9 per share as at end of 2007."
Emaar's partnership with Bawadi LLC to develop 70 million square feet of land increased the company's land bank in Dubai by 76 per cent to 162 million square feet. "This transaction is fully in line with the Dubai Strategic Plan outlined by His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, and demonstrates how the emirate can continue to enjoy a leadership position by leveraging its existing strengths," said Alabbar.
He added: "By aiming higher, we hope to achieve even greater things. Emaar is well on its way to becoming one of the most valuable companies in the world by 2010, and we are grateful to our shareholders for their trust in our strategy of geographic expansion and business segmentation, aimed at generating even more long-term value for them."
Highlighting the gains by Emaar's business subsidiaries, Alabbar said that Emaar Hospitality will build assets with a total value of Dh3.5 billion ($950 million) through a portfolio of seven hotels by next year. Emaar Malls Group, the shopping malls subsidiary, will open The Dubai Mall and Dubai Marina Mall towards the end of 2008 with a combined asset value of Dh9 billion ($2.45 billion) and gross leasable area of over 3.9 million square feet.
Alabbar pointed out that the Armani Residences at Burj Dubai, which last year achieved the iconic status of being the world's tallest building, also commands some of the world's highest prices, with the Armani Residences achieving prices of up to Dh12,888 ($3,509) per square feet. Source
No comments:
Post a Comment