Emaar Properties PJSC held its Annual General Meeting (AGM) on Monday, April 22, 2024, in Dubai. The company’s shareholders approved the Board of Directors’ proposal for a significant dividend payout of Dh4.4 billion ($1.2 billion), equivalent to 50 fils per share. This decision underscores the company’s solid financial standing and dedication to providing value to its shareholders.

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The AGM reviewed the board’s report and the auditor’s assessment of Emaar’s operations and financial status for 2023. The board outlined the company’s impressive performance throughout 2023, showcasing robust real estate sales totaling Dh40.3 billion ($11 billion) overall, with Dh37.4 billion ($10.2 billion) from the domestic market. This success demonstrates continued trust in the Emaar brand and the company’s innovative management approach.

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Emaar reported Dh26.7 billion ($7.3 billion) in revenue and a net profit of Dh11.6 billion ($3.2 billion) in 2023, reflecting year-over-year growth of 7% and 70%, respectively. Factors such as increased retail sales, steady real estate demand, and a boost in tourism contributed to these results. Additionally, Emaar achieved a 67% rise in earnings before interest, taxes, depreciation, and amortization (Ebitda), reaching Dh17.3 billion.

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Emaar’s positive trajectory continues in 2024, with domestic real estate sales maintaining high levels. The company recorded over Dh19 billion in sales in the early months of the year, representing a more than 60% increase over the same period last year.

Founder Mohamed Alabbar expressed optimism about the remarkable outcomes in 2024, emphasizing Emaar’s focus on operational excellence, investment returns, and customer satisfaction. “We are constantly launching innovative projects that significantly contribute to Dubai’s economy and enhance long-term shareholder value,” said Alabbar. Through strategic initiatives in digital transformation, product innovation, and market penetration, Emaar is poised for robust growth and future success.