Emaar Properties has announced that its Board of Directors had proposed a 40 per cent cash dividend to be discussed at the upcoming Annual General Meeting (AGM) to be held on 8 March 2006.
Other items that will be covered on the AGM agenda include approval by shareholders of the company’s annual accounts for the year ended December 31, 2005 as well as the declaration of transfers to reserve; the election of the Board of Directors and the appointment of auditors for the year 2006.
The upcoming AGM follows Emaar’s recent announcement of record annual profits of AED 4.731 billion for the year ended December 31, 2005. This corresponds to a net profit increase of AED 3.040 billion or 180 per cent. Net profit for fiscal year 2004 was AED 1.691 billion.
The year 2005 was significant in the company’s eight-year history and one that will be the cornerstone for continued growth. Emaar handed over more than 12,800 homes to customers in Dubai and launched over 50 real estate projects across the region.
Emaar’s most significant announcement is that of the launch of the King Abdullah Economic City in December 2005 with an investment of more than SR100 billion. As the single largest private sector investment in Saudi Arabia, the project is a mixed-use development located north of Jeddah and will cover a massive 55 million square metres of greenfield land with a 35 km shoreline. The City will have six distinct components – a modern world-class Seaport, Industrial District, Financial Island, Education Zone, Resorts and The Residential Area. The landmark development will create 500,000 employment opportunities as well as help to drive the Kingdom’s growing economic development.
