Emaar highlights resilient performance at its AGM

Staff Reporter, Gulf Today

Emaar Properties held its Annual General Meeting (AGM), where its Board of Directors announced the company’s solid performance in 2021 and discussed the stringent measures it took to safeguard continued robust business performance during the year.

The dividend distribution proposal from the Board of Directors representing 15 per cent of the share capital was approved at the AGM, confirming Emaar’s keenness to ensure added value for its shareholders. During the meeting, the Board of Directors’ 2021 report on the company’s activities and financial position and the Auditor’s report were also approved.

Emaar continuously strives to maximize shareholders value through providing the best customer service and by safeguarding innovation across all products and services provided by the company. This led to the company achieving real estate sales of Dhs 33.762 billion ($ 9.192 billion) in 2021, which is highest on record and is a testament to the clients’ trust in the Emaar brand. Additionally, Emaar reports substantial sales backlog totaling more than Dhs 46.057 billion ($12.539 billion), which will be recognized as revenue over the next few years.

Emaar continues to work diligently to complete all ongoing projects for delivery within the timeframes specified and the company will retain its extremely strong position through strategic investment in its highly qualified talent, digital systems and additional resources which will safeguard all process efficiencies and align the company with its future vision.

Mohamed Alabbar, Founder of Emaar Properties, said: “The Group is optimistic for the year 2022 and is constantly focused on achieving operational excellence, increasing return on investments and enhancing customer satisfaction. To improve its performance, the company will increase its resources, increase its efficiency, and maximize its productivity. The foundations for future growth and long-term shareholder value will be laid by digital transformation, new product innovation, and market penetration.”

Emaar Properties  recorded an EBITDA of Dhs 9.343 billion

($2.544 billion) and total revenue of Dhs 28.270 billion (US$ 7.697 billion) for the fiscal year ended December 31, 2021. The performance reflects sustained interest from investors, both domestic and foreign with both local and international sales exceeding pre-pandemic levels.

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.

Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer and provider of premium lifestyles, with a significant presence in the Middle East, North Africa and Asia. One of the world’s largest real estate companies, Emaar has a land bank of 1.7 billion sq. ft. in the UAE and key international markets.

With a proven track-record in delivery, Emaar has delivered over 81,600 residential units in Dubai and other key global markets since 2002. Emaar has strong recurring revenue-generating assets with over 1,130,000 square meters of leasing revenue-generating assets and 32 hotels and resorts with 7,142 rooms (includes owned as well as managed hotels). Today, 45 per cent of the Emaar’s total revenue is from its shopping malls & retail, hospitality & leisure and international subsidiaries.

Burj Khalifa, a global icon, and The Dubai Mall, the world’s most-visited retail and lifestyle destination, are among Emaar’s trophy destinations.

Meanwhile, Azizi Developments, a leading private developer in the UAE, has announced its appointment of three subcontractors specialised in providing marble and granite of Italian and Norwegian origins for its mega-project Riviera in MBR City.

Al Imran Marble & Granite, Al Aiham Marble & Granite and MIR Ali Technical Services are some of the world’s most renowned suppliers of distinguished granite and marble tiles. They will be supplying Italian and Norwegian granite in the arcade and retail areas of seventeen buildings of Azizi’s Riviera.

In his comments, Farhad Azizi, CEO of Azizi Developments, said: “We are delighted to announce our signing with these three reputable contractors, given their exceptional track record and know-how. The partnership comes as a testament to our continuous efforts to explicitly work with top-tier suppliers and contractors. Through our partnership with these three subcontractors, we strive to meet and exceed our customers’ and investors’ expectations.”