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DUBAI / WAM
The first Annual General Meeting (AGM) of Emaar Malls (DFM: EMAARMALLS), the shopping malls and retail business majority-owned by global property developer Emaar Properties, on Wednesday approved the proposal of the Board to distribute 10 per cent of the share capital, equivalent to AED 1.301 billion (US$ 354 million), as cash dividend for distribution to the shareholders.
The assembly also approved the amendment of the name of the company from Emaar Malls Group to Emaar Malls, and appointed Ernst & Young as auditors for the year 2016. Furthermore, the meeting approved the report of the Board of Directors on the activities and financial position of the company for year ended December 31, 2015.
Mohamed Alabbar, Chairman of Emaar Malls and Emaar Properties, said: “Emaar Malls is a significant contributor to Dubai’s retail sector, which today accounts for nearly 30 per cent of the total GDP. Emaar Malls is positioned at the top of the league in the growth of Dubai’s retail sector, and our strategy is to further expand our business by creating iconic retail destinations for visitors from around the world.
“This complements the Dubai Plan 2021 strategy announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, to create vibrant, active and globally distinctive outlets that establish Dubai as the preferred place to work, live and visit,†he said.
Alabbar said that the highlight of the Emaar Malls expansion strategy is the launch of a dedicated Retail District in Dubai Creek Harbour that will be linked to the new tower that forms the vibrant heart of the development. The Retail District will offer additional lifestyle choices for the 2.5 billion plus people, especially high net worth individuals, who are only four hours flying distance from Dubai and regard the city as the must-visit destination for high-end retail.