Sunday, May 10, 2009
Emaar Properties to maintain focus on business segmentation and geographic expansion
Dubai, UAE; April 29, 2009: The financial results for Emaar Properties PJSC for the year ending December 31, 2008, were approved by shareholders at the company’s eleventh Annual General Meeting (AGM), held today. At the meeting, it was highlighted that Emaar will continue to build on its strategy of business segmentation and geographic expansion, despite the challenging global business environment.
“Today, the global economic landscape is changing rapidly, and in these challenging times, our strategy of business segmentation and geographic expansion remains central to our business plans,” said Mr. Mohamed Alabbar, Chairman, Emaar Properties, outlining the company’s growth strategy. “We will stay true to the path of growing our new business lines, including shopping malls & retail, hospitality & leisure, education and healthcare.”
Mr. Alabbar said that completion of projects and ensuring timely delivery will be a priority in 2009. “There are several bright spots for the company during 2009. These include the completion and opening of the world’s tallest building Burj Dubai; the scaled-up operations of The Dubai Mall with its full complement of 1,200 stores and unique family entertainment concepts; and the unveiling of The Dubai Fountain in Downtown Burj Dubai. Several projects will move ahead quickly in our international markets, including the handover of homes, offices and industrial land in a number of projects. All these support the company in staying firmly on the growth path,” he explained.
The AGM approved the election of Mr Mohamed Alabbar, Mr Hussain Al Qemzi, Mr Majid Saif Al Ghurair, Mr Ahmad Jamal Jawa, Dr Lowai Mohamed Belhoul, Mr Ahmad Al Matrooshi, Mr Khalifa Al Daboos and Mr Saeed Ahmed Al Tayer, as the Board of Directors of the company. The meeting also approved the decision not to distribute dividends for 2008 and instead reinvest profits for long-term growth of the company. Approving the Directors’ Report, Auditor’s Report and financial statements, the AGM appointed Ernst & Young as the Auditors for the year 2009.
One of the world’s leading property developers, Emaar’s current land bank stands at 516 million square metres, with a fair value of AED 79 billion (US$21.64 billion). In 2008, Emaar recorded net operating profits of AED 5.578 billion (US$1.519 billion. Emaar’s annual revenue for 2008 is AED 16.015 billion (US$4.360 billion).