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

Mohamed Alabbar, Founder of Emaar Properties anticipated it to continue to achieve favourable results in the upcoming quarters, supported by a strong sales track record

By WAM

Published: Wed 30 Aug 2023, 3:03 PM

Last updated: Wed 30 Aug 2023, 6:26 PM

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.

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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 stable and optimal investment landscape for both investors and business leaders is based on its visionary leadership directives.

Alabbar stressed that the country's leadership has consistently prioritised enhancing the business environment to attract investors of varying scales and sectors, a strategy that has borne substantial fruit for enterprises such as Emaar Properties, noon.com and Americana.

Regarding noon.com, Alabbar clarified that there are no current plans for noon to go public or list shares on financial markets, 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 e-commerce 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.

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