Emaar Properties, Dubai's leading real estate developer, continues to demonstrate its financial strength and strategic foresight. At the Annual General Meeting (AGM) held on April 22, 2024, shareholders approved a significant dividend payout and elected new board members to guide the company's future growth.

Key Outcomes from the AGM

• Dividend Payout: Shareholders approved a dividend of 50 fils per share, totaling AED 4.4 billion (USD 1.2 billion).

• New Board Members: The AGM saw the appointment of Mohamed Ali Rashed Alabbar, Jamal Majed Khalfan Bin Thaniah, Ahmed Jamal Hassan Jawa, Buti Obaid Buti AlMulla, Eman Mahmood Ahmed Abdulrazzaq, Abdulla Ali Ahmad Bin Zayed Alfalasi, Ahmad Saeed Obaid Bin Meshar Almheiri, Omar Hamad Abdulla Hamad BuShahab, and Mohammad Omar Karim to the board. These individuals are expected to play pivotal roles in driving Emaar's growth strategy.

2023 Performance Highlights

• Property Sales: Emaar achieved property sales totaling AED 40.3 billion (USD 11 billion) in 2023, with AED 37.4 billion (USD 10.2 billion) generated from the domestic market.

• Revenue and Profit: The company reported revenue of AED 26.7 billion (USD 7.3 billion) and a net profit of AED 11.6 billion (USD 3.2 billion), reflecting growth rates of 7% and 70%, respectively, compared to the previous year.

• EBITDA: Emaar's EBITDA increased by 67% in 2023, reaching AED 17.3 billion (USD 4.7 billion).

Drivers of Success

• Tourism Growth: The increase in tourism significantly boosted Emaar's performance, contributing to higher retail sales and real estate demand.

• Sustained Real Estate Demand: A consistent rise in demand for real estate, both domestically and internationally, fueled the company's robust sales figures.

• Retail Sales Uptick: Enhanced retail performance further strengthened Emaar's financial results.

2024 Performance and Outlook

Emaar's momentum continues in 2024, with domestic property sales exceeding AED 19 billion (USD 5.2 billion) so far, marking an over 60% increase compared to the same period last year. Founder Mohamed Alabbar expressed optimism about the company's future, emphasizing Emaar's focus on operational excellence, investment returns, and customer satisfaction.

New Development Strategy

Emaar's strategy for future growth revolves around several key pillars:

Sustainable Development:

• Emaar is committed to sustainable practices, integrating energy-efficient materials and renewable energy sources in its projects. The focus is on developing green buildings and smart cities that offer enhanced living standards and reduced environmental impact.

Digital Transformation:

• The company is investing heavily in digital technologies to improve customer experiences and operational efficiencies. This includes virtual property tours, online sales platforms, and customer service automation. Advanced analytics and big data are being used to understand market trends and customer preferences better.

Customer-Centric Approach:

• Emaar aims to offer tailored property solutions that cater to diverse customer needs, ranging from affordable housing to luxury residences. Enhancing after-sales services and community management are also key priorities to ensure high customer satisfaction and loyalty.

Strategic Partnerships:

• Forming strategic alliances with international and local players is central to Emaar's strategy. These partnerships aim to enhance project offerings, leverage complementary strengths, and accelerate project timelines.

Focus on Emerging Markets:

• Emaar is expanding its presence in emerging markets with high growth potential, including Africa, South Asia, and other regions. The development of mixed-use communities that integrate residential, commercial, and leisure facilities is also a focus area.

Emaar Properties has solidified its position as a leader in the real estate sector through its impressive financial performance and iconic projects. The company's new development strategy, centered on sustainability, digital transformation, and customer-centricity, is set to drive continued success. With a clear vision and robust execution plan, Emaar is well-positioned to capitalize on future opportunities and navigate the evolving real estate landscape.