All eyes on Emaar after Dh9 billion cash dividend

Shares of Emaar Properties are expected to be in focus after the Dubai-listed company approved a special cash dividend of Dh9 billion at an ordinary general meeting on Monday.

The payout follows the recent listing of Emaar Malls Group, the malls and retail business of Emaar.

The announcement was made after the close of market yesterday.

In April the company had announced a dividend of Dh8bn, taking the overall payout to Dh17.2bn.

The Dubai Financial Market General Index declined marginally in trading yesterday, largely on losses in Arabtec shares.

The index, which has been bobbling around the 4,500 mark for most of October and November, closed down by 0.09 per cent at 4,625.76 as shares of the UAE’s largest contractor fell 1.8 per cent in trading to settle at Dh3.93.

Last week the company reported a 32.6 per cent fall in profit for the third quarter.

The Dubai-based financial services provider Shuaa Capital’s shares were also down yesterday, losing 4.37 per cent to close at 83 fils.

Meanwhile, Ajman Bank was one of the top gainers of the day, rising 13.03 per cent to close at Dh2.69, its highest gain since July.

In the capital, the Abu Dhabi Securities Exchange General Index experienced little movement, closing up 0.02 per cent at 4,965.07.

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