The Emaar Development board members at the annual general meeting. — Supplied photo

Emaar Development shareholders on Monday approved the board of directors’ proposal to distribute a dividend of Dh2.082 billion (US$ 567 million) for 2023, which equals to 52 per cent of the share capital (~Dh52 fils per share).

Emaar Development PJSC reported property sales of Dh37.4 billion last year, an increase of 22 per cent compared to 2022 resulted in healthy sales backlog of Dh57.1 billion, which will be recognised as revenue in the coming years. In 2023, the company reported revenue of Dh11.9 billion and net profit of Dh6.6 billion, which reflects a 74 per cent growth compared to 2022.

Over 12,000 residential units were delivered by Emaar Development in 2023 across prominent locations, including Dubai Hills Estate, Dubai Creek Harbour, Downtown Dubai, Emaar Beachfront, Arabian Ranches, and Emaar South. Emaar has delivered over 70,000 residential units in the UAE as of December 2023, with over 25,500 residences currently under development in the UAE.

Recognising Emaar Development’s resilient performance in the last fiscal year, Mohamed Alabbar, founder, Emaar Properties, said: “Emaar Development’s record-breaking success in 2023 demonstrated our superior operational approach and strong demand for our premier offerings, allowing us to optimise performance and improve risk management. In 2024, we will capitalise on a dynamic lineup of property launches and ambitious new projects.”

“Our consistent year-over-year growth and increasing profitability are directly attributed to the unwavering support of our shareholders, astute management, and highly skilled workforce. Furthermore, our dedication to providing exceptional shareholder value and our critical role in driving Dubai’s economic vitality highlight our esteemed brand’s foundation of trust and quality.”