Emaar Properties to consider higher dividends for shareholders in 2023, no plans to float noon: Alabbar

Emaar Properties to consider higher dividends for shareholders in 2023, no plans to float noon: Alabbar

By Ramy Sameeh

ABU DHABI, 30th August, 2023 (WAM) -- Emirati businessman Mohamed Alabbar, Founder of Emaar Properties and noon.com, a leading e-commerce platform, has revealed potential plans to bump up dividends for Emaar Properties' shareholders in 2023, noting that there are no immediate plans to float noon's shares on the financial market.

In a statement to the Emirates News Agency (WAM), Alabbar highlighted Emaar Properties' positive financial performance during H1 2023, driven by the thriving national economy and the upward trajectory seen across the real estate and tourism sectors.

Alabbar anticipated that Emaar Properties would continue to achieve favourable financial results in the upcoming quarters, supported by a strong sales track record, indicating sustained growth.

He added that the investors will submit a proposal to Emaar Properties' Board of Directors to discuss increasing dividends for shareholders in 2023, in line with the company's commitment to shareholder rights.

Alabbar further revealed that the real estate giant's Board of Directors is developing long-term expansion plans spanning 15 to 20 years, including new projects in the pipeline, countries targeted for expansion, projected future risks, as well as investments in human capital to ensure circumventing any future challenges.

The Emirati businessman highlighted the UAE's highly competitive economy and its