Emaar Properties, one of the leading real estate developers in Dubai, has appointed a new Board of Directors to drive the company’s growth strategy. The decision was made during the Annual General Meeting (AGM) held on April 22, 2024, where shareholders also approved a notable dividend of 50 fils per share, totaling AED 4.4 billion (US$ 1.2 billion).
The new Board of Directors includes prominent figures such as Mohamed Ali Rashed Alabbar, Jamal Majed Khalfan Bin Theniyah, and Eman Mahmood Ahmed Abdulrazzaq, among others. The board’s appointment comes at a time when Emaar’s domestic property sales have surged to over AED 19 billion (US$ 5.2 billion) year-to-date, marking a significant growth of over 60% compared to the same period last year.
Emaar’s strong financial performance in 2023, with real estate sales reaching AED 40.3 billion (US$ 11 billion) and net profit of AED 11.6 billion (US$ 3.2 billion), has laid a solid foundation for future growth. The company’s focus on digital transformation and market expansion has been key to its success, with a 67% growth in EBITDA recorded in 2023.
Founder Mohamed Alabbar expressed optimism for the future, emphasizing Emaar’s commitment to operational excellence, investment returns, and customer satisfaction. The company’s dedication to delivering projects on time and investing in its workforce and digital systems will ensure continued success in the market.
Emaar’s reputation for design, build quality, and innovation has made its properties highly sought-after by investors both locally and internationally. With a strong financial outlook and a focus on growth, Emaar Properties is set to continue its legacy of excellence in the real estate sector.