Emaar Properties to distribute special dividend of $1.1 bln

Dubai-based Emaar Properties will distribute AED 4 billion ($1.09 billion) of special dividend to shareholders from the proceeds of the recent Emaar Development initial public offering (IPO), it said in a statement on the Dubai bourse on Tuesday.

In November, the developer raised $1.31 billion from the sale of a 20 percent stake in its UAE development business.

Emaar Properties’ board of directors met on Tuesday and decided to pay $818 million to shareholders in January 2018 and $272 million in April 2018.

 
The board will hold its general assembly meeting on Jan. 14 to approve the proposal.

In November, Emaar Development said it plans to launch nearly 50,400 units over the next five years with an average annual unit sales target of 10,000 units and a targeted overall gross profit margin of 40 per cent.