The first Annual General Meeting (AGM) of Emaar Development PJSC (DFM: EMAARDEV), the UAE build-to-sell property development business majority-owned by Emaar Properties PJSC (DFM: EMAAR), approved the distribution of AED 1.04 billion (US$ 283.15 million) dividend, representing 26 per cent of the share capital being 26 fils per share, to the companys shareholders.

The assembly also approved the report on the activities and financial position of the company for the year ending December 31, 2018; the Auditors report; and the companys balance sheet. KPMG was chosen as the new auditors for 2019.

Mohamed Alabbar, Chairman of Emaar Development and Emaar Properties, said: Our strategy for Emaar Development is to consolidate growth and prepare for the next era by continuing to build smart residential communities that meet the ambitions of the new generation of customers. We are also reaching out to worldwide investors, specially from markets such as China, highlighting not only the quality of life that our communities provide but also the substantial return on investment. We are grateful to our shareholders for their confidence in us and we will continue to develop iconic destinations that position us as one of the worlds most respected property developers.

In October 2018, Emaar Development dispersed AED 1.04 billion (US$ 283.15 million), representing 26 per cent of the share capital being 26 fils per share, as interim cash dividend to the companys shareholders.

Last year, Emaar Development recorded a growth in net profit of 42 per cent to AED 3.901 billion (US$ 1.062 billion), compared to 2017. Total revenue for 2018 was AED 15.433 billion (US$ 4.202 billion), an increase of 74 per cent over the previous year. Highlighting the strong investor interest for Emaars residential launches, the company reported record sales of AED 14.240 billion (US$ 3.877 billion) in 2018.

During 2018, Emaar Development launched for sale over 6,500 residential units in Dubai, which recorded positive investor response, including from international buyers. The company has nine destinations in Dubai with over 29,800 homes currently under development.