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Wednesday, December 1, 2021
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Emaar is a Buy

Emaar Properties PJSC today held its 25th Annual General Meeting (AGM), where its Board of Directors discussed the company’s solid performance in 2020 despite the challenges of the Covid-19 pandemic. The Board highlighted the stringent measures it took to safeguard continued robust business performance.

The dividend distribution proposal from the Board of Directors representing 10 percent of the share capital was approved at the AGM, confirming Emaar’s keenness to ensure added value for its shareholders. The shareholders also elected a new Board of Directors composed of 9 members who have the adequate skills and expertise to take Emaar to the next level of future growth.

The new Board of Directors elected for 2021 include Mohamed Ali Rashid Alabbar, Jassim Mohammed AbdulRahim Al Ali, Ahmad Thani Rashed Al Matrooshi, Jamal Majed Khalfan Bin Theniyah, Buti Obaid Buti AlMulla, Eman Mahmood Ahmed Abdulrazzaq, Ahmed Jamal H Jawa, Helel Saeed Salem Saeed Almarri, and Sultan Saeed Mohammed Nasser AlMansoori.

During the AGM, the Board of Directors’ 2020 report on the company’s activities and financial position and the Auditor’s report have been also approved.

Emaar recorded overall property sales of AED 10.902 billion (US$ 2.968 billion) for 2020 of which AED 6.321 billion (US$ 1.721 billion) was achieved in the UAE. The performance reflects sustained interest from investors, both domestic and foreign.

Emaar has handed over more than 72,100 residential units in Dubai and international markets, with more than 26,000 currently under development in the UAE and 12,000 units in global markets.

Mohamed Alabbar, Founder, Emaar Properties, said: “We are grateful to our shareholders continual support, helping us to remain robust throughout 2020 and boost growth. We have been able to maintain our market position, despite the challenges brought by the pandemic and are looking forward to the development of our future innovative projects. We continue to redefine Dubai’s property landscape and our property sales of AED 10,902 million in 2020 is a testament to our resilience.

“By nurturing and developing our talents within Emaar, coupled with our constant digital transformation and product innovation, we have set the benchmark for future growth and long-term value creation for our shareholders. We remain committed to creating communities and transforming lifestyles for our customers locally and internationally,” Alabbar added.

Setting new benchmarks in design, build quality, and innovation, Emaar consistently offers premium experiences and lifestyle opportunities across market segments; and its properties continue to remain sought-after by investors at home as well as abroad.

With the recent merger of Emaar Properties and Emaar Malls that was announced on 2 March 2021, Emaar Properties and Emaar Malls will continue to pursue the satisfaction of commercial and regulatory conditions until further notice.

S. Jack Heffernan Ph.Dhttps://www.knightsbridgelaw.com
S. Jack Heffernan Ph.D. Economist at Knightsbridge holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Crypto, Mining, Shipping, Technology and Financial Services.

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