Emaar leads Dubai rally with dividend boost for shareholders
The company’s 14% surge on the Dubai Financial Market led the exchange’s benchmark index to its highest level in almost a decade, rising 4.5%
A view of the Dubai Fountain next to Emaar's Burj Khalifa tower in Dubai (Getty Images)
Dubai’s property boom prompted Emaar, the city’s largest publicly traded developer, to provide shareholders with a big return. The move sent its stock soaring on Monday to a 17-year high.
The company, founded by Mohamed Alabbar, announced on Friday that it would declare dividends at 100% of its share capital starting with 2024 and continuing for the next few years.
Emaar said the new policy is aimed “at enhancing shareholder value while ensuring the financial sustainability and strategic growth” of the company.
The company’s 14% surge on the Dubai Financial Market on Monday led the exchange’s benchmark index to its highest level in almost a decade, rising 4.5%.
Meanwhile, Ali Sajwani, Managing Director of Damac Properties, says demand for Dubai property is growing among European customers, who are fleeing high taxes and regulatory changes to settle in the UAE.
“The customer base has shifted today,” Sajwani told The National. “The biggest customers are coming from Europe, no longer from Russia or Ukraine, and we believe that’s going to continue, and it’s going to grow further into 2025.”