Emaar’s board is working on long-term expansion plans spanning 15-20 years, he said
Abu Dhabi: Shareholders of Emaar Properties could see a bump up in their dividends this year, its founder Mohamed Alabbar said on Wednesday.
He also added that there were no immediate plans to list ecommerce platform noon.com, also founded by him.
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 said.
He also revealed that the real estate giant’s board 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.
In a statement to 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.
He 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.
Regarding noon.com, Alabbar clarified that there are no current plans for the platform to go public, adding that such a step will be taken into consideration in the future, especially as the Arab world is in need of a publicly listed ecommerce entity.
Alabbar also underscored noon’s proven six-year track record, marked by growth across various sectors. He added that “noon Minutes”, a fast e-commerce delivery service, and “noon Food”, a food delivery service, have gained significant traction in Dubai, Abu Dhabi, Sharjah, and Saudi Arabia since their launch a year ago.
He reiterated noon’s current focus on accelerating growth and expansion across key markets, which include the UAE, Saudi Arabia, and Egypt. Alabbar mentioned that, while the company plans to enter new markets, its primary concern is securing a strong foothold in its main markets.
Alabbar also expressed his optimism about the prospects for growth across the national economy in the coming years, adding that current figures testify to the economy’s robust performance, which went beyond global expectations, an achievement he attributed to the UAE leadership’s future-proof policies.
Mohammed Alabbar, who is also the Chairman of the Board of Directors for Americana Restaurants, underscored that the company’s listing of its shares on the stock markets of Abu Dhabi and Saudi Arabia signified a monumental turning point in its history. This achievement followed its significant growth, establishing the company as a premier entity across the Middle East, North Africa, and Kazakhstan.
Looking ahead, Alabbar shared the company’s ambitious goal of launching an estimated 250 to 260 new restaurants by the end of the year, focusing on growth prospects within key markets, notably the UAE and Saudi Arabia. Meanwhile, the company remains steadfast in its commitment to refining operations within the Egyptian market.