Emaar Properties highlights robust 2019 performance at 24th AGM
Mohamed Alabbar: “We are working diligently to complete all our projects for delivery within the timeframes originally specified”
Dubai-based real estate developer Emaar Group’s Board of Directors highlighted the resilient performance of Emaar Properties, Emaar Development, and Emaar Malls in FY 2019, during the group’s 24th Annual General Meeting (AGM).
The Emaar board also shed light on the measures to combat the outbreak of the COVID-19 pandemic, to ensure continuity of all business, and to safeguard the interests of the organisation and its shareholders.
Despite the fact that COVID-19 pandemic impacted the vast majority of companies around the world, the Chairman of Emaar Properties, Mohamed Alabbar, affirmed that the Emaar showed significant resilience during the crisis.
Alabbar said: “We in Emaar took several strict measures and procedures that enabled us to ensure the continuity of our business. These included reducing the operating costs, restructuring some of our activities in line with our future vision that revolves around promoting the adoption of digital systems, with a view to maintaining the required level of cash liquidity.
“We are working diligently to complete all our projects for delivery within the timeframes originally specified. We hereby reiterate that the company has an extremely strong position, thanks to its efficient management team and employees as well as the measures we have taken during this crisis.”
“The current conditions in the market are likely to improve and we are optimistic about where the conditions will take us in the short term. However, we must at the same time keep an open eye on the markets, deal with it with extreme caution to avoid being in unfavourable situations, and to be well prepared for the future,” Alabbar added.
Within the last few weeks, Alabbar and the executive leadership of Emaar, held a series of meetings through video conferences with various leading sectors in the UAE, aimed at tackling the current economic situation.
Alabbar affirmed that Emaar will continuously strive to maximise shareholder value, by providing excellent customer service and ensuring hard working resources within the company.
“We are also implementing new digital initiatives which will significantly enhance value of our properties and assets to our customers, and will also enable us to continuously innovate with new products and services,” he said.
Having sold over 30,500 residential units in the past 10 years, recording sales of $24.07bn (AED88.4bn), Emaar’s off-plan sales of $3.92bn (AED14.4bn) in 2018, accounted for more than 65% of total off-plan sales, which was valued at $5.83bn (AED21.4bn) in Dubai.