Emaar Properties is set to approve the distribution of a special cash dividend of AED9 billion ($2.45 billion) on Monday following the successful IPO of its shopping malls and retail business. Emaar said in a statement on Sunday that it has called for an ordinary general meeting of its board and shareholders.

The special cash dividend follows the successful IPO and listing of the Emaar Malls Group. Gaining overwhelming investor response, the IPO recorded total orders of over AED172 billion. With the approval of the special cash dividend, the total value of dividends to be distributed to Emaar’s shareholders this year will be over AED17.12 billion – one of the largest announced by any listed company in the UAE.

This is about 250 percent of the par value of Emaar’s shares, the company statement added. Mohamed Alabbar, chairman of Emaar Properties, said: “The additional cash dividend is a strong demonstration of our commitment to create long-term value for our shareholders.

“Their confidence in our growth strategy has been our inspiration in undertaking the IPO for Emaar Malls Group , which is now listed on Dubai Financial Market.” He added: “This year has been exceptional for Emaar in our concerted attempts at value creation for our stakeholders with all our core businesses – property, malls and hospitality and leisure – recording robust growth. Our international operations are also robust and we will continue to draw on our proven competencies to further establish Emaar as one of the most valuable and admired companies.”… see more

source: arabianbusiness