Real Estate Emaar hikes dividend distribution for 2024 By Valentina Pasquali December 13, 2024, 8:15 PM Alamy via Reuters A 60 percent increase in real estate sales significantly contributed to Emaar's impressive year-on-year revenue growth, reaching AED23.8 billion ($6.5 billion) from January to September 2024 30% revenue growth 60% real estate growth Last year’s dividend doubled Emaar Properties said on Friday that it would double dividend payouts in 2024 over the previous year. The Dubai-listed property developer will disburse AED 8.8 billion (US$ 2.4 billion), or 100 percent of its share capital, up from AED 4.4 billion (US$ 1.2 billion) in 2023, according to a press release. “At Emaar, our priority has always been to create exceptional value for our shareholders, and this year’s 100 percent dividend distribution is a clear reflection of that commitment,” Mohamed Alabbar, the company founder, said. “We’re thrilled to see our early investors realise returns that have multiplied four times.” Dubai’s bellwether Emaar to report Q3 profit rise Investors favour Emaar for Dubai property returns Emaar doubles dividend to $1.2bn after $11bn in sales In November Emaar reported a 30 percent jump in revenues year-on-year for the first three quarters of 2024, for a total of AED23.8 billion ($6.5 billion). A 60 percent increase in real estate sales to AED50 billion from January to September drove much of that growth, the company said. Its majority-owned subsidiary Emaar Development launched 50 projects in the first nine months of the year and sold a record AED48 billion worth of units. Sales in Egypt, India and other countries amounted to another AED1.9 billion, generating AED1.6 billion in revenue.
Aviation Riyadh Air delays launch after Boeing setbacks Riyadh Air has been forced to push back its launch date to the third quarter of 2025 after delays to deliveries from Boeing. The new Saudi airline had been scheduled to begin flying early this year. It is a blow to Saudi Arabia’s tourism ambitions to attract 150 million visits a year. Riyadh Air was founded […] 23 hours ago
Tech KKR signs a $5bn Gulf data centre deal in Dubai KKR, the American investment giant, and the data centre platform Gulf Data Hub (GDH), based in Dubai, have signed a strategic partnership to invest $5 billion in data centres serving the Gulf. A joint press release on Friday said that funds “affiliated with KKR” will also acquire a stake in GDH, although it did not […] 1 day ago
Manufacturing China’s Geely opens Mena’s first car assembly plant in Egypt China’s Geely Auto has opened its first car assembly plant in the Middle East and North Africa near the Egyptian capital to produce 10,000 vehicles per year for the domestic market and up to 30,000 for export. Cairo-based Auto Mobility company (Geely Egypt), said it has invested around $100 million in the new car assembly […] 1 day ago
Logistics Emirates increases capacity to meet rising cargo demand Dubai national carrier Emirates Airline has taken delivery of two additional aircraft to increase capacity and meet growing demand for its cargo service. The company has signed multi-year leasing deals for two Boeing 747 freighters, which have raised Emirates’ cargo capacity by 15 percent, the airline said in a statement. Emirates SkyCargo transported almost 1.2 […] 1 day ago
