Emaar Development, majority-owned by Emaar Properties, has announced the approval of a huge payout to its shareholders, as investors continue to add billions of dirhams into Dubai’s real estate sector.

The UAE property developer stated in an announcement that it will distribute AED 1.04 billion (US$ 283.15 million) as special cash dividend to the shareholders, marking a year of its listing on the Dubai Financial Market (DFM). The figure represents 26 per cent of the share capital being 26 fils per share, said the announcement. The special dividend was approved just as the company marks a year of its successful listing on the Dubai Financial Market.

The company reported a net profit of AED 1.82 billion (US$ 496 million) during the first six months of 2018 and revenue of AED 6.99 billion (US$ 1.90 billion), led by the timely construction and project delivery. Emaar Development reported total sales of AED 6.23 billion (US$ 1.70 billion) during H1 2018. Emaar now has a total sales backlog of over AED 38.50 billion (US$ 10.48 billion), the majority of which will be recognised as revenue over the next three to four years.

Emaar Development has launched the sale of over 3,600 residential units across its mega developments in Dubai during the first half of the year, and now has a development pipeline of over 60 residential projects in the UAE with over 28,000 units. Construction is progressing as per schedule for handover of the first waterfront homes in Dubai Creek Harbour next year. New construction milestones have been achieved for the delivery of homes in Dubai Hills Estate, Emaar South, Emaar Beachfront and Downtown Dubai too.

The flagship developer of the UAE, Emaar has a portfolio including ten iconic destinations, most famously Burj Khalifa. Their wholly-owned mega-developments include Downtown Dubai, Arabian Ranches, Dubai Marina and Emirates Living; joint venture projects including Dubai Hills Estate, Emaar South and Zabeel Square; and a joint development project – Dubai Creek Harbour, the mega-development anchored by the forthcoming new tallest tower in the world, Dubai Creek Tower. 

Source: Emaar Properties

See also:

New investment policies to drive Dubai’s real estate market, says JLL

Dubai Rental Disputes Centre launches rental good conduct certificates

Dubai real estate market update: 2018 so far