Emaar Properties to hold 16th Annual General Meeting on April 23, 2014

4158Emaar Properties PJSC will hold its 16th Annual General Meeting (AGM) on Wednesday, April 23, 2014, at 7pm at Armani/Pavilion, Armani Hotel Dubai in Burj Khalifa. If the meeting falls short of quorum, the next AGM will be held at 7pm on Wednesday, April 30, 2014, at the same venue.

The AGM will discuss the proposal of the Board of Directors regarding distribution of dividends to the shareholders amounting to 15 per cent of the share capital being AED 15 fils per share as cash dividend, and 10 per cent bonus shares of the share capital of the company for the year 2013. The meeting will receive and approve the report of the Board of Directors on the company’s activities and financial position, and the Auditors’ report for the year ending December 31, 2013. The AGM will also appoint the auditors for 2014.

Emaar had recorded full-year 2013 net profit of AED 2.568 billion (US$ 699 million) and annual revenue of AED 10.328 billion (US$ 2.812 billion). The company’s strong performance was underlined by recurring revenues from the company’s shopping malls & retail and hospitality & leisure business units, which together contributed AED 4.8 billion (US$ 1.307 billion) to FY’13 revenue, or 46 per cent of the total. Driving the growth of Emaar’s malls & retail business, The Dubai Mall, the company’s flagship mall, welcomed over 75 million visitors, a growth of 15 per cent over 2012.

In 2013, Emaar’s property business generated total revenue at AED 5.528 billion (US$ 1.505 billion). Revenues from the company’s global operations were AED 1.167 billion (US$ 318 million), representing 11 per cent of the total revenue.

Building further on its core competency of creating prime real estate assets, Emaar launched several new major projects in Dubai during 2013 including: The Address Residence Fountain Views I, II, and III; The Address Residence Sky View and Burj Vista in Downtown Dubai; The Hills and Vida Residence in Emirates Living; and Palma and Rosa villas in Arabian Ranches. Emaar also unveiled The Opera District, featuring the iconic Dubai Opera, a 2,000-seat multi-venue performing arts centre, in Downtown Dubai.

These projects recorded strong investor response, reflecting the growing confidence in Dubai’s property sector and in Emaar’s project delivery credentials. The total value of sales recorded by Emaar in Dubai was AED 12 billion (US$ 3.3 billion), nearly three times compared to the sales in 2012.

Further marking Emaar’s project delivery credentials, Emaar handed over more than 2,072 residential units in Dubai and international markets in 2013. In Dubai, some 1,653 residences were delivered in addition to over 147,000 sq ft of commercial space. More than 122,000 sq ft of additional commercial space is currently available for immediate leasing.

Emaar has handed over more than 37,350 residential units since 2001, including 32,902 units in the UAE. Additionally, Emaar has also delivered over 2.3 million sq ft of commercial space, of which nearly 693,000 sq ft are in international markets.

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