Latest news with #Dh8.8
Al Etihad
26-03-2025
- Business
- Al Etihad
Emaar Properties announces 100% dividend payout of Dh8.8 billion
26 Mar 2025 14:42 DUBAI (WAM)Emaar Properties on Wednesday approved a 100 per cent dividend payout, amounting to Dh8.8 billion, during its Annual General Meeting (AGM). This follows the introduction of Emaar's updated dividend policy in December meeting also included the approval of the auditor's report for 2024, along with the board's report on the company's activities and financial financial results for 2024 reflected strong operational performance and continued growth across its key business segments. The company recorded property sales of approximately Dh70 billion ($19 billion), representing a 72 per cent increase compared to revenue backlog from property sales exceeded Dh110 billion ($30 billion), supporting future revenue revenue for 2024 reached Dh35.5 billion ($9.6 billion), marking a 33 per cent year-over-year increase, while net profit before tax grew by 25 per cent to Dh18.9 billion ($5.1 billion). EBITDA for the year stood at Dh19.3 billion ($5.2 billion), with a margin of 54 per cent. Mohamed Alabbar, Founder of Emaar Properties, said, 'Emaar's 2024 results reflect our dedication to operational excellence, innovation, and customer experience. As we move forward, we remain committed to sustainable and technology-driven growth, further enhancing Dubai's position as a leading global destination for investment and development while aligning with the UAE's Net Zero 2050 vision.'
Khaleej Times
26-03-2025
- Business
- Khaleej Times
Dubai: Emaar Properties approves 100% dividend payout for 2024
Emaar Properties' Annual General Meeting (AGM) on Wednesday approved 100 per cent dividend payout for 2024, amounting to Dh8.8 billion. This follows the introduction of Emaar's updated dividend policy in December 2024. The meeting also included the approval of the auditor's report for 2024 and the board's report on the company's activities and financial position. Emaar recorded property sales of approximately Dh70 billion in 2024, representing a 72 per cent increase compared to 2023. Emaar's revenue backlog from property sales exceeded Dh110 billion, supporting future revenue generation. Total revenue for 2024 reached Dh35.5 billion, marking a 33 per cent year-over-year increase, while net profit before tax grew by 25 per cent to Dh18.9 billion. EBITDA for the year stood at Dh19.3 billion, with a margin of 54 per cent. 'Emaar's 2024 results reflect our dedication to operational excellence, innovation, and customer experience. As we move forward, we remain committed to sustainable and technology-driven growth, further enhancing Dubai's position as a leading global destination for investment and development while aligning with the UAE's Net Zero 2050 vision,' said Mohamed Alabbar, founder of Emaar Properties.
Khaleej Times
16-03-2025
- Business
- Khaleej Times
UAE ranks among 17 countries in dividend payout records
The UAE has emerged as a standout player in the global investment landscape to rank among the 17 countries that set new dividend payout records in 2024. As global dividends surged to an all-time high of $1.75 trillion, reflecting a 6.6 per cent increase year-on-year, the UAE enhances its reputation as a leading destination for income-focused investors. The UAE-listed stocks are renowned for their stability and robust returns, attracting a growing number of investors who are keen on capitalising on the country's commitment to shareholder rewards. This commitment is particularly evident across key sectors such as banking, energy, and real estate, which continue to deliver compelling opportunities for dividend-seeking investors. According to eToro (ME) Limited, a licensed entity regulated by the Abu Dhabi Global Market's Financial Services Regulatory Authority, the UAE's ability to keep pace with global markets is noteworthy. Josh Gilbert, a market analyst at eToro, emphasiaes the impressive performance of the UAE financial sector. 'The financial sector has been a standout performer, with UAE banks benefiting from higher interest rates and robust economic expansion,' he stated. One notable example is Abu Dhabi Islamic Bank (ADIB), which has raised its dividend payout to 50 per cent of its annual profit, showcasing the strong earnings growth within the sector. This trend indicates a positive outlook for investors seeking reliable income streams. Energy companies have also made significant strides in dividend payouts. Adnoc Gas announced a remarkable $3.41 billion dividend, bolstered by high oil prices and a commitment to a 5.0 per cent % annual dividend growth. This commitment reflects the company's confidence in its financial health and the sustainability of its operations. The real estate sector has not lagged behind. Emaar Properties, a leading player in the market, doubled its dividend to Dh8.8 billion, driven by record property sales and heightened demand in the sector. This growth underscores the solid fundamentals that support these industries, providing investors with an attractive blend of income and stability. For income-focused investors, dividends are more than just a bonus; they represent a critical component of a long-term investment strategy. Regular payouts create a dependable cash flow and offer the potential for compounding returns over time. The ongoing prioritisation of shareholder returns by UAE companies highlights the resilience of the local market, making it an appealing option for investors worldwide. However, the sustainability of these dividends is a topic worth considering. Gilbert notes, 'While 2024 has seen record dividend distributions, certain increases, like Emaar's 100 per cent payout of its share capital, may not be repeated annually. These sectors are cyclical, and dividends could fluctuate with market conditions.' He also draws parallels with global markets, pointing out that some leading Australian miners, such as BHP and Rio Tinto, have recently reduced their payouts due to a decline in iron ore prices. Yet, the robust underlying strength of UAE companies suggests that their dividend payouts will remain competitive, making them a reliable choice for investors. 'The power of dividends is often underestimated, especially by those in the early stages of their investment journeys,' Gilbert adds. 'Compounding is key, which is why starting early and maintaining consistency with investments is crucial.' While dividend-paying stocks may not exhibit rapid growth due to their payouts, they offer greater stability and lower volatility, making them ideal for long-term income-oriented investors. Looking ahead, the dividend momentum in the UAE appears robust, supported by corporate profitability, favorable government policies, and sustained investor demand. The UAE market continues to present a wealth of opportunities, whether for those seeking high yields or for those looking to enhance their portfolios with reliable income streams. Experts believe that the ongoing strategic investments and economic diversification in the UAE will further bolster its position as an attractive investment hub. As the country navigates through global economic challenges, its commitment to shareholder returns and market stability remains a focal point, making the UAE a market to watch for both local and international investors in the coming years.
Khaleej Times
07-02-2025
- Business
- Khaleej Times
UAE: Wynn Al Marjan in RAK secures Dh8.8-billion loan as building rises 140ft in 100 days
Construction on the Wynn Al Marjan resort in Ras Al Khaimah is progressing rapidly, with one floor being added each week. The project is on track to be topped off by the end of this year. 'In the last 100 days, the resort tower has grown approximately 140 feet,' Wynn Resorts said on Friday. Wynn Al Marjan, a project worth $3.9 billion, is the first integrated resort in the region. It is a joint venture between Wynn Resorts and Marjan and RAK Hospitality Holding. The US firm owns a 40 per cent stake in the project, which is scheduled for completion in 2027. Largest hospitality financing Wynn Resorts on Friday also revealed it has completed financing for the development of the Wynn Al Marjan Island project after it obtained a $2.4 billion (Dh8.8 billion) loan from a global syndicate of banks. Abu Dhabi Commercial Bank and Deutsche Bank acted as joint coordinators of the financing. The joint coordinators as well as First Abu Dhabi Bank, Emirates NBD Capital Limited, and The National Bank of Ras Al Khaimah acted as initial mandated lead arrangers, bookrunners and underwriters, and Sumitomo Mitsui Banking Corporation DIFC Branch, Dubai acted as lead arranger. First Abu Dhabi Bank is acting as agent and security agent for the lenders. This transaction was the largest hospitality financing transaction in the history of the UAE. The company said that the 7-year loan was obtained at a competitive market interest rate and is structured as a delayed draw facility which provides significant financial flexibility to the joint venture partners. The secured term loan facility is denominated in a combination of UAE dirham and US dollar currencies, reflecting the bulk of the expected development expenditures to be incurred in dirham. Wynn Resort progress As of now, Wynn Resort has completed 64 per cent of the concrete structure up to the 34th floor of the main resort tower, with elevator cores extending to the 36th floor. The resort will feature 1,542 rooms and suites. To date, 1,226 guest rooms in the tower structure have been completed, or 80 per cent of the total. The exterior façade window glazing is also progressing, with with over 2,840 of the 13,734 panels completed, which is more than 20 per cent of the total. Fit out is underway in approximately 1,121 rooms, covering walls, floors, and ceilings, as well as all mechanical, electrical, and plumbing services. In the low-rise part of the building, concrete and steel structures are 70 per cent complete. Work on the exterior façades and interior fit-out is in progress, as well as the installation of elevators and escalators across the property. Wynn Al Marjan Island will have 22 restaurants, lounges and bars, nightclub and beach club; a shopping promenade and a signature Wynn spa and salon. There will be an extensive 39,000 sqft poolscape adjacent to the beach. The 145,000 sqft meetings and events centre will include outdoor event terraces and lawns. The theatre and a new resident show are also being created specifically for Marjan Island. In October 2024, Wynn Resorts announced that the UAE's General Commercial Gaming Regulatory Authority (GCGRA) had granted a Commercial Gaming Facility Operator licence to the entity developing the Wynn Al Marjan Island resort, marking a significant milestone for the project. Upon opening, Al Marjan Island will become the fourth-largest major gaming market globally.
Khaleej Times
07-02-2025
- Business
- Khaleej Times
UAE: Wynn Al Marjan in RAK secures Dh8.8 billion loan as building rises 140 feet in 100 days
Construction on the Wynn Al Marjan resort in Ras Al Khaimah is progressing rapidly, with one floor being added each week. The project is on track to be topped off by the end of this year. 'In the last 100 days, the resort tower has grown approximately 140 feet,' Wynn Resorts said on Friday. Wynn Al Marjan, a project worth $3.9 billion, is the first integrated resort in the region. It is a joint venture between Wynn Resorts and Marjan and RAK Hospitality Holding. The US firm owns a 40 per cent stake in the project, which is scheduled for completion in 2027. Largest hospitality financing Wynn Resorts on Friday also revealed it has completed financing for the development of the Wynn Al Marjan Island project after it obtained a $2.4 billion (Dh8.8 billion) loan from a global syndicate of banks. Abu Dhabi Commercial Bank and Deutsche Bank acted as joint coordinators of the financing. The joint coordinators as well as First Abu Dhabi Bank, Emirates NBD Capital Limited, and The National Bank of Ras Al Khaimah acted as initial mandated lead arrangers, bookrunners and underwriters, and Sumitomo Mitsui Banking Corporation DIFC Branch, Dubai acted as lead arranger. First Abu Dhabi Bank is acting as agent and security agent for the lenders. This transaction was the largest hospitality financing transaction in the history of the UAE. The company said that the 7-year loan was obtained at a competitive market interest rate and is structured as a delayed draw facility which provides significant financial flexibility to the joint venture partners. The secured term loan facility is denominated in a combination of UAE dirham and US dollar currencies, reflecting the bulk of the expected development expenditures to be incurred in dirham. Wynn Resort progress As of now, Wynn Resort has completed 64 per cent of the concrete structure up to the 34th floor of the main resort tower, with elevator cores extending to the 36th floor. The resort will feature 1,542 rooms and suites. To date, 1,226 guest rooms in the tower structure have been completed, or 80 per cent of the total. The exterior façade window glazing is also progressing, with with over 2,840 of the 13,734 panels completed, which is more than 20 per cent of the total. Fit out is underway in approximately 1,121 rooms, covering walls, floors, and ceilings, as well as all mechanical, electrical, and plumbing services. In the low-rise part of the building, concrete and steel structures are 70 per cent complete. Work on the exterior façades and interior fit-out is in progress, as well as the installation of elevators and escalators across the property. Wynn Al Marjan Island will have 22 restaurants, lounges and bars, nightclub and beach club; a shopping promenade and a signature Wynn spa and salon. There will be an extensive 39,000 sqft poolscape adjacent to the beach. The 145,000 sqft meetings and events centre will include outdoor event terraces and lawns. The theatre and a new resident show are also being created specifically for Marjan Island. In October 2024, Wynn Resorts announced that the UAE's General Commercial Gaming Regulatory Authority (GCGRA) had granted a Commercial Gaming Facility Operator licence to the entity developing the Wynn Al Marjan Island resort, marking a significant milestone for the project. Upon opening, Al Marjan Island will become the fourth-largest major gaming market globally.
