Skip to content Skip to Search
Skip navigation

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

By Pramod Kumar
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.

Person, Electronics, Mobile Phone

Newsletter
Get the Best of AGBI delivered straight to your inbox every week

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.

Latest articles

Investor Tim Draper told AGBI the US must 'swing back to freedom' to avoid losing innovation to countries such as the UAE

Tim Draper: UAE benefits from US crypto ‘overregulation’

Billionaire venture capitalist Tim Draper has criticised the US for its restrictive stance on cryptocurrency, claiming it is driving innovators towards more encouraging and friendlier markets such as the UAE. The Gulf state is actively developing regulatory frameworks to lure new forms of business, amid intense regional economic competition. Dubai and Abu Dhabi have set […]

A subsidiary of Banque Misr will open the first digital-only bank in Egypt this year

Egypt to open first digital bank later this year

Misr Digital Innovation will open Egypt’s first digital bank towards the end of the year, as it looks to appeal to the North African’s country’s younger and unbanked demographic. MTI, a subsidiary of Banque Misr, is the first bank to have received approval to establish a digital bank by the Central Bank of Egypt (CBE) […]

Mukesh Ambani, chairman and managing director of Reliance Industries which will receive the investment from AIDA and US-based KKR

Abu Dhabi’s ADIA invests in Indian warehouses

The Abu Dhabi Investment Authority (ADIA) and the US-based private equity firm KKR have invested INR 12,000 crore ($1.5 billion) in India’s Reliance Retail Ventures’ warehousing assets.  Both companies have invested equal amounts in Reliance Logistics and Warehouse Holdings (RLWH), The Economic Times, an Indian financial daily, reported, citing informed sources.  RLWH was established in […]

Saudi Arabia’s industry and mineral resources minister Bandar Al-Khorayef. The country is struggling to meet an FDI target of $100bn a year by 2030

Saudi industry minister tempts investors with funding incentives

Saudi Arabia’s ministry of investments and mineral resources is prepared to finance up to 75 percent of industrial projects in the country, as the kingdom tries to boost its low foreign direct investment (FDI) numbers.  Bandar Al-Khorayef, the minister of industry and mineral resourcespointed to well-developed infrastructure across 36 industrial cities, prefabricated factories ready to […]