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Monday, January 24, 2022

Dubai developer Emar Properties has appointed a new board of directors

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Dubai developer Emaar Properties has designated another board of directors at its 25th annual general meeting (AGM), it reported on Sunday.

Existing members who stay on the board incorporate Emaar author Mohamed Ali Rashid Alabbar, Jassim Mohammed AbdulRahim Al Ali, Ahmad Thani Rashed Al Matrooshi, Jamal Majed Khalfan Bin Theniyah and Ahmed Jamal H Jawa.

New members include: Buti Obaid Buti AlMulla, Eman Mahmood Ahmed Abdulrazzaq, Helel Saeed Salem Saeed Almarri and Sultan Saeed Mohammed Nasser AlMansoori.

They supplant Arif Obaid Al Dehail, Abdullah Saeed Bin Majid Belyoahah and Jamal Hamed Al Marri.

The board examined the company’s presentation in 2020 considering the Covid-19 pandemic and the actions taken to safeguard business execution.

The profit dispersion proposition from the board, addressing 10% of the offer capital, was endorsed at the AGM, an assertion said.

The 2020 report on the company’s exercises and monetary position and the inspector’s report were likewise affirmed.

Emaar Properties announced a net profit of Dhs2.617bn for 2020, recording a 57.8 percent drop contrasted with Dhs6.2bn in 2019.

Its incomes of Dhs19.71bn likewise plunged 19.8 percent year-on-year.

Emaar recorded by and large property deals of Dhs10.9bn for 2020 of which Dhs6.3bn was in the UAE.

The company has given over in excess of 72,100 private units in Dubai and international markets, with in excess of 26,000 presently a work in progress in the UAE and 12,000 units in global markets.

Mohamed Alabbar said: “We have had the option to keep up our market position, notwithstanding the difficulties brought by the pandemic and are anticipating the advancement of our future inventive ventures. We keep on reclassifying Dubai’s property scene.”

A month ago, Emaar Properties additionally declared designs to converge with Emaar Malls – which is likewise recorded on Dubai Financial Market (DFM).

As a component of the exchange, the current business of Emaar Malls will be reconstituted in a completely possessed auxiliary of Emaar Properties and will proceed to create and hold an arrangement of premium shopping centers and retail resources.

Then, Emaar Properties will keep on being recorded on the DFM.

“With the new consolidation… Emaar Properties and Emaar Malls will keep on pursueing the fulfillment of business and administrative conditions until additional notification,” the assertion gave on Sunday added.


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