Shares in Emaar Properties tumbled by more than 8 per cent in trading on Sunday despite the company saying it would distribute a promised Dh9 billion cash dividend to shareholders on December 23.

Emaar shares fell 8.02 per cent to close at Dh6.65 in trading on Sunday as news of falling global oil prices continued to hit the Dubai Financial Market.

The Dh9bn shareholder payout will come as an early Christmas present to key shareholders, especially the Dubai government which owns a 29.2 per cent stake in Emaar, as oil prices continue to slump.

The payout from cash raised by the Dubai developer’s initial public offering of its retail business Emaar Malls Group was approved at the firm’s Ordinary General Meeting last month.See more