UAE: Emaar Malls authorises $354m cash dividend
Emaar Malls has approved the distribution of cash dividends amounting to $354m (AED1.301bn) to its shareholders, with the payments to be made through the Dubai Financial Market
Emaar Malls has signed off on the distribution of 10% cash dividend to its shareholders through the Dubai Financial Market (DFM).
According to UAE state news agency, WAM, the dividend proposal, which was approved at the company’s second annual general meeting (AGM), is equivalent to $354m (AED1.301bn).
Emaar Malls reported that it recorded a net profit of $510m (AED1.874bn) and revenue of $879m (AED3.227bn) in 2016.
Its shopping malls assets, which includes the Dubai Mall, Dubai Marina Mall, Souk Al Bahar, and Gold & Diamond Park, welcomed 125 million visitors last year.
With a gross leasable area (GLA) of around 557,400m2 (six million square feet) in Dubai, Emaar Malls is expanding The Dubai Mall’s Fashion Avenue by around 92,900m2 (one million square feet) of built-up area. New retail and leisure opportunities are reportedly being created for with the Boulevard, Fountain Views, and Zabeel expansions of The Dubai Mall.
Emaar Malls is also developing dedicated retail precincts in Dubai Creek Harbour and Dubai Hills Estate. Several community mall projects are also being planned to serve Emaar’s integrated lifestyle developments.
The assembly also elected the company’s Board of Directors, comprising seven members: Mohamed Alabbar, Ahmad Al Matrooshi, Abdulrahman Al Hareb, Abdulla Belyoahah, Helal Saeed Almarri, Mohamed Al Hussaini, and Ali Ibrahim Mohamed Ismail.
A special resolution was passed by the AGM approving the change in number of Board members from nine to seven.