By: Amr Adel
Dubai – Mubasher: Emaar Properties' management has promised shareholders "special dividends" in 2017, chairman Mohamed Alabbar said on Monday.
Responding to shareholders' objections to dividends to be distributed for 2016, Alabbar said that the company's dividends for 2016 were "reasonable".
Earlier on Monday, shareholder's at the Dubai-based developer's ordinary general meeting (OGM) approved cash dividends totalling AED 1.07 billion for 2016.
The distribution represents 15% of capital, and shareholders registered at the end of trading on Thursday, 27 April will be entitled to the distributions.
Despite the economic challenges faced in 2016, Emaar succeeded in achieving AED 5.2 billion in profits, AED 15.5 billion in revenues and AED 180 billion in total asset valuations, the top official said.
Emaar aims to preserve liquidity to finance its large projects and will be launching a new project within one month to 1.5 months, he added, but refused to reveal further details about the new project.
Emaar currently has 10 hotels underdevelopment under its "The Roof" brand, four of which are under construction simultaneously, the chairman revealed
The brand is one of the fastest growing owing to the high demand for it in Emaar's markets of operation, namely in India, Pakistan, Egypt, Saudi Arabia and Bahrain, he added.
Starting September 2017, Emaar plans to begin selling its units via its official website, Alabbar revealed.
Earlier on Monday, the Dubai developer announced having a project backlog worth AED 49.2 billion.
It also announced that it will open sales at its Tower 3 at its Downtown Views II project in Dubai starting Tuesday.
Translated by: Nada Adel Sobhi
