Property developer names new Board to lead the growth strategy
Staff Report
Dubai: Board of Directors at Emaar Properties has proposed 50 fils per share as dividend, amounting to AED4.4 billion ($1.2 billion – Rs9,998 crore), at the Annual General Meeting (AGM).
Both the auditor’s report and the board’s report on the company’s activities and financial position for the year 2023 were approved at the meeting.
The meeting also voted to appoint new Board Members to spearhead the Company’s growth strategy.
The new Board of Directors are – Mohamed Ali Rashed Alabbar, Jamal Majed Khalfan Bin Theniyah, Ahmed Jamal Hassan Jawa, Buti Obaid Buti AlMulla, Eman Mahmood Ahmed Abdulrazzaq, Abdulla Ali Ahmad Bin Zayed Alfalasi, Ahmad Saeed Obaid Bin Meshar Almheiri, Omar Hamad Abdulla Hamad BuShahab, and Mohammad Omar Karim.
Emaar’s performance in 2023 was marked by robust group real estate sales, amounting to AED40.3 billion ($11 billion – Rs91,652 crore) with AED37.4 billion ($10.2 billion – Rs84,986 crore) in domestic market, demonstrating sustained customer trust in the Emaar brand and its management’s innovation and quality.
Emaar recorded revenues of AED26.7 billion ($7.3 billion Rs60,825 crore) and net profit of AED11.6 billion ($3.2 billion – Rs26,662 crore) in 2023 achieving growth of 7 per cent and 70 per cent respectively compared to the same period last year.
The real estate developer continues to record very high domestic property sales in 2024. The year-to-date sales booked are valued at over AED19 billion ($5.2 billion – Rs43,326 crore), which is an increase of more than 60 per cent as compared to the same period in the previous year.
“In light of the remarkable results we are witnessing in 2024, Emaar is highly optimistic and relentlessly focused on exceeding operational excellence, amplifying investment returns, and improving customer satisfaction,” Mohamed Alabbar, Emaar Properties’ Founder, said.
In 2023, Emaar Development reported revenue of AED11.9 billion ($3.2 billion – Rs26662 crore) and achieved EBITDA of AED8 billion ($2.2 billion – 18,330 crore), marking an 89 per cent growth compared to 2022.
Emaar Properties recorded total revenue of AED14.4 billion ($3.9 billion – Rs32,495 crore) from its property development business in UAE (including Dubai Creek Harbour owned by Emaar Properties).
Revenue backlog from property sales in the UAE increased to AED62.1 billion ($16.9 billion – Rs1,40,811 crore) as of 31 December 2023, representing a Y-o-Y growth of around 50 per cent.
