Emaar To Distribute $2.45bn Special Cash Dividend On Dec. 23

Dubai-based property developer Emaar confirmed that it will distribute a special cash dividend of Dhs9 billion ($2.45 billion) to shareholders on December 23, 2014.

The special dividend, approved recently at the company’s ordinary general meeting, follows the successful IPO and listing of the Emaar Malls Group, which recorded total orders of over Dhs172 billion ($46.8 billion).

Emaar had committed to distribute the proceeds from the IPO as dividend to shareholders.

The special cash dividend takes the total dividend distributed in 2014 to Dhs17.12 billion ($4.66 billion), the highest distributed by a public joint stock company in the region, the developer said.

Earlier this year, Emaar had distributed dividends of Dhs8 billion ($2.18 billion) including 15 per cent cash dividend, equivalent to about Dhs975 million and 10 per cent bonus shares, or 650 million shares, valued at about Dhs7.12 billion at Dhs10.95 per share, as of April 23, 2014.

The news comes even as Emaar’s shares continue to tumble on the Dubai Financial Market (DFM), in line with the sentiment posted by the wider index. The developer was down 7.8 per cent in early trade on Sunday, as the Dubai benchmark fell 6.5 per cent, wiping all its year-to-date gains.

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.”

Emaar, with total assets of nearly $19 billion, has a land bank of over 226 million sqm in international markets. Since 2001, it has handed over 37,500 residential units in Dubai and other markets.

Currently, over 60 per cent of the company’s revenues come from its shopping malls & retail and hospitality & leisure subsidiaries and international operations.