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Emaar doubles dividend to $1.2bn after $11bn in sales

Emaar dividend Dubai mall Wam
Emaar reported group real estate sales of AED40.3 billion last year, with AED37.4 billion generated from the domestic market

Shareholders of Emaar Properties, Dubai’s largest listed developer, have approved a dividend of AED4.4 billion ($1.2 billion) for 2023, up from AED2.2 billion the year before.

The dividend payout reflects the company’s “robust profitability and solid financial health”, the developer said in a statement. 

Shareholders also voted to appoint new board members “to drive the company’s growth strategy”, but no details were shared.

The new board will consist of Mohamed Alabbar, Jamal Theniyah, Ahmed Jawa, Buti AlMulla, Eman Abdulrazzaq, Abdulla Alfalasi, Ahmad Almheiri, Omar BuShahab and Mohammad Karim.

Emaar reported group real estate sales of AED40.3 billion for last year, with AED37.4 billion, 93 percent, generated from the domestic market.

Revenues rose seven percent year on year to AED26.7 billion, while annual net profit grew 70 percent to AED11.6 billion. 

The growth was supported by a surge in tourism and retail sales, as well as a consistent increase in real estate demand. Ebitda rose 67 percent year on year to AED 17.3 billion in 2023.

The year-to-date sales booked stand at more than AED19 billion, up 60 percent year on year.

Emaar confirmed its commitment to deliver all ongoing projects by their respective deadlines.  

“We are constantly launching ‘groundbreaking’ projects that significantly contribute to Dubai’s economy”, said Emaar’s founder, Mohamed Alabbar.

The company was “poised to drive robust growth”, he said.

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