• Emaar Properties appoints new Board of Administrators to spearhead the corporate’s development technique.
• Emaar’s yr thus far home property gross sales reached over AED 19 billion (US$ 5.2Billion), grew by over 60% in comparison with identical interval final yr.
• Emaar continues to concentrate on digital transformation and market enlargement to bolster future development.
The Annual Normal Assembly (AGM) of Emaar Properties PJSC was held in Dubai on Monday, April 22, 2024, the place shareholders authorised the Board of Administrators’ proposal for a notable dividend of fifty fils per share amounting to AED 4.4 billion (US$ 1.2 billion), underscoring the corporate’s strong profitability and dedication to shareholder returns and reflecting the corporate’s robust monetary well being. Each the auditor’s report and the board’s report on the corporate’s actions and monetary place for the yr 2023 have been authorised on the assembly.
Through the AGM, shareholders additionally voted to nominate new Board Members to spearhead the Firm’s development technique. The brand new Board of Administrators are:
Mr. Mohamed Ali Rashed Alabbar, Mr. Jamal Majed Khalfan Bin Theniyah, Mr. Ahmed Jamal Hassan Jawa, Mr. Buti Obaid Buti AlMulla, Ms. Eman Mahmood Ahmed Abdulrazzaq, H.E. Abdulla Ali Ahmad Bin Zayed Alfalasi, H.E. Ahmad Saeed Obaid Bin Meshar Almheiri, H.E. Omar Hamad Abdulla Hamad BuShahab, and Mr. Mohammad Omar Karim.
On the AGM, the Board of Administrators reported the corporate’s robust efficiency in 2023 and mentioned the rigorous measures taken to make sure continued strong enterprise efficiency all year long.
Emaar’s efficiency in 2023 was marked by strong group actual property gross sales, amounting to AED 40.3 billion (US$ 11 billion) with AED 37.4 billion (US$ 10.2 billion) in home market, demonstrating sustained buyer belief within the Emaar model and its administration’s innovation and high quality. Emaar recorded revenues of AED 26.7 billion (US$ 7.3 billion) and web revenue of AED 11.6 billion (US$ 3.2 billion) in 2023 attaining development of seven% and 70% respectively in comparison with the identical interval final yr. This efficiency was supported by development in tourism, a continued upward pattern in retail gross sales, and a constant improve in actual property demand. Emaar additionally achieved 67% development in EBITDA, reaching AED 17.3 billion (US$ 4.7 billion) throughout 2023 as in comparison with 2022.
These achievements are ongoing, as Emaar continues to document very excessive home property gross sales in 2024. The year-to-date gross sales booked are valued at over AED 19 billion (US$ 5.2 billion), which is a rise of greater than 60% as in comparison with the identical interval within the earlier yr.
Emaar stays dedicated to delivering all ongoing tasks by their respective deadlines. Funding within the firm’s extremely certified workforce, fostering Emirati expertise, digital methods, and supplementary assets will make sure the continuity of all operational efficiencies and assist the enterprise realise its long-term targets.
Mohamed Alabbar, Emaar Properties’ Founder, said: “In gentle of the outstanding outcomes we’re witnessing in 2024, Emaar is very optimistic and relentlessly centered on exceeding operational excellence, amplifying funding returns, and enhancing buyer satisfaction. We’re always launching groundbreaking tasks that considerably contribute to Dubai’s financial system and improve long-term shareholder worth, and thru strategic initiatives in digital transformation, product innovation, and market penetration, we’re poised to drive strong development and solidify our basis for future success.”
Setting new benchmarks in design, construct high quality, and innovation, Emaar constantly affords premium experiences and way of life alternatives throughout market segments; and its properties proceed to stay sought-after by buyers at dwelling in addition to overseas.
Go to emaar.com/en/investor-relations for extra data.
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