Dubai, UAE, March 5, 2007: The ninth Annual General Meeting (AGM) of Emaar Properties will be held on March 11, 2007, at the Sheikh Rashid Hall of Dubai International Convention Centre.
On the agenda of the AGM are the approval by the shareholders of Emaar’s annual results for the year ended December 31, 2006; declaration of transfers to reserves; and the appointment of auditors for the year 2007.
“Highlighting the commitment we made to shareholders last year, Emaar has made significant inroads internationally in 2006 with an overseas development portfolio of over AED 220 billion (US$60 billion),” said Mr Mohamed Ali Alabbar, Chairman, Emaar Properties. “We are charting a new course of growth through our two-pronged approach of geographical expansion and business segmentation to add value to our shareholders.”
Emaar posted record annual profits and revenue of AED 6.371 billion (US$1.735 billion) and AED 14.006 billion (US$3.813 billion), respectively, for the year ended December 31, 2006. This represented a growth of 35 and 68 per cent respectively, reiterating the company’s sustained growth momentum. Emaar has now diversified its portfolio through new subsidiaries in retail, hospitality and leisure, education, healthcare, finance and industry.
Emaar is on-schedule with the construction of its flagship project, the AED 73 billion (US$20 billion) Downtown Burj Dubai development, which includes Burj Dubai, on its course to become the world’s tallest tower; and The Dubai Mall, the world’s largest shopping and entertainment destination.
Emaar consolidated its presence internationally in 2006 with the acquisition of the US-based John Laing Homes, America’s second largest privately held homebuilder; and the UK-based premier real estate agency Hamptons International. To power its expansion into education, Emaar acquired Singapore-based premier education provider Raffles Campus.
Emaar has entered into a strategic joint venture with Turner Corporation to jointly tap growth opportunities, and with Accor Hotels to develop 100 budget hotels in India in ten years. Emaar also joined hands with haute couture major Giorgio Armani S.p.A to open luxury hotels and resorts in key international cities with one of the first hotels to open at Burj Dubai.
Among its significant international projects is King Abdullah Economic City in Saudi Arabia, the largest private sector development in the region. The company has been ranked among the Top 5 Arabia Titans by Dow Jones and Top 5 Arabian Corporates by Forbes.
