Emaar Malls AGM Approves 10% cash Dividend of AED 1.3 Billion (US$ 354 mn) for Second Consecutive Year

Real Estate

Emaar Malls AGM Approves 10% cash Dividend of AED 1.3 Billion (US$ 354 mn) for Second Consecutive Year

The assembly Annual General Meeting (AGM) of Emaar Malls (DFM: EMAARMALLS), the shopping center and retail business majority-owned by Emaar Properties, today approved a proposition by the Board of Supervisors to disperse 10 per cent of the share funding, equal to AED 1.301 billion (US$ 354 mn), as money dividend to the shareholders.

The setting up likewise elected a Board of Supervisors making up 7 members: Mr. Mohamed Alabbar, Mr. Ahmad Al Matrooshi, Mr. Abdulrahman Al Hareb, Mr. Abdulla Belyoahah, Mr. Helal Saeed Almarri, Mr. Mohamed Al Hussaini, and Mr. Ali Ibrahim Mohamed Ismail. An unique resolution was passed by the AGM approving the change in number of Board participants from nine to seven.

The AGM also approved the record of the Board of Directors on the activities and monetary setting of the company along with the auditor's report and the company's balance sheet for the ending December 31, 2016. Ernst & Young was chosen as the auditor for 2017.

Addressing the shareholders, Mohamed Alabbar, Chairman of Emaar Malls and Emaar Properties, said the success of Emaar Malls is led by the UAE's robust development and the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President & Prime Minister and Ruler of Dubai, to develop the country as a smart hub for trade and commerce.

" We are owning our development with our focus on providing enhanced retail experiences for our customers. We are buying new and innovative technologies that will certainly develop all-inclusive experiences for our customers and adding to sustained worth for our investors."

He added: "We will strengthen our shopping malls assets with the development of The Dubai Shopping mall and the growth of retail areas in Dubai Hills Estate and Dubai Creek Harbour, which are developed for the new generation of tech-savvy, trend-conscious customers."

Emaar Malls recorded a net profit of AED 1.874 billion (US$ 510 mn) and earnings of AED 3.227 billion (US$ 879 mn) in 2016. The mall properties of Emaar Malls - The Dubai Mall, Dubai Marina Mall, Souk Al Bahar, Gold & Diamond Park and the community mall - invited 125 million visitors during 2016, with gross leasable area (GLA) occupancy levels averaging at 96 per cent.

With a GLA of about 6 million sq feet in Dubai, Emaar Malls is broadening The Dubai Shopping center's Fashion Avenue by an additional 1 million sq feet built-up location. New retail and leisure possibilities are being created for retailers and customers with the Boulevard, Fountain Views and Zabeel expansions of The Dubai Mall.

Emaar Malls is also establishing devoted retail precincts in Dubai Creek Harbour and Dubai Hills Estate. Several community shopping mall jobs are also being planned to serve Emaar's incorporated lifestyle developments.

Shareholders of Emaar Malls are asked for to upgrade their get in touch with information and addresses with the Dubai Financial Market (DFM) making sure the returns are gotten properly, as the payment will certainly be made through DFM.