UAE businessman Mohamed Alabbar, founder of Emaar Properties, has said the property developer could raise dividends this year, while confirming that Noon, the online retailer he co-founded, has no immediate plans for an initial public offering.
“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,” Mr Alabbar told state news agency Wam.
Emaar Properties, Dubai's largest listed developer, reported a 15 per cent surge in its first-half profit as Dubai's property market continues to boom amid economic growth in the country.
Net profit for the six months to the end of June climbed to Dh4.9 billion ($1.3 billion), the company said earlier this month.
Mr Alabbar expects Emaar Properties to “continue to achieve favourable financial results in the upcoming quarters, supported by a strong sales track record, indicating sustained growth”, Wam reported.
The company's board is also developing long-term plans for the next 15 to 20 years covering new projects, countries targeted for expansion, projected future risks, as well as investments in human capital, he said.
Meanwhile, the businessman also confirmed that there were no immediate plans for Noon to go public or list its shares on the financial markets.
However, he added 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”.
Noon's current focus is on accelerating growth and expansion across its key markets, which include the UAE, Saudi Arabia and Egypt, he said.
While the company plans to enter new markets, its primary concern is securing a strong foothold in its main markets, he added.
Noon, which is also backed by Saudi Arabia's Public Investment Fund, was the fifth biggest e-commerce player in the UAE last year, with revenue of $167.6 million, data from ecommerceDB shows.
Amazon.ae leads the UAE market with revenues of $477.6 million in 2022, followed by namshi.com with sales of $264.8 million and then carrefouruae.com with $223.2 million. Apple.com is at the fourth place with US$196 million revenue, according to ecommerceDB.
Mr Alabbar, who is also chairman of Americana Restaurants, said the company's listing of its shares on the stock markets of Abu Dhabi and Saudi Arabia was a “monumental turning point in its history”.
Looking ahead, he said Americana has a target of launching around 250 to 260 new outlets by the end of the year, focusing on key markets, such as the UAE and Saudi Arabia.
Mr Alabbar stressed that the UAE has “consistently prioritised enhancing the business environment to attract investors of varying scales and sectors”, which has supported the growth of companies such as Emaar Properties, Noon and Americana.
Brief scoreline:
Manchester United 1
Mata 11'
Chelsea 1
Alonso 43'
Mohammed bin Zayed Majlis
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
The%20specs
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Slow loris biog
From: Lonely Loris is a Sunda slow loris, one of nine species of the animal native to Indonesia, Malaysia, Thailand and Singapore
Status: Critically endangered, and listed as vulnerable on the International Union for Conservation of Nature red list due to growing demand in the global exotic pet trade. It is one of the most popular primate species found at Indonesian pet markets
Likes: Sleeping, which they do for up to 18 hours a day. When they are awake, they like to eat fruit, insects, small birds and reptiles and some types of vegetation
Dislikes: Sunlight. Being a nocturnal animal, the slow loris wakes around sunset and is active throughout the night
Superpowers: His dangerous elbows. The slow loris’s doe eyes may make it look cute, but it is also deadly. The only known venomous primate, it hisses and clasps its paws and can produce a venom from its elbow that can cause anaphylactic shock and even death in humans
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Get inspired
Here are a couple of Valentine’s Day food products that may or may not go the distance (but have got the internet talking anyway).
Sourdough sentiments: Marks & Spencer in the United Kingdom has introduced a slow-baked sourdough loaf dusted with flour to spell out I (heart) you, at £2 (Dh9.5). While it’s not available in the UAE, there’s nothing to stop you taking the idea and creating your own message of love, stencilled on breakfast-inbed toast.
Crisps playing cupid: Crisp company Tyrells has added a spicy addition to its range for Valentine’s Day. The brand describes the new honey and chilli flavour on Twitter as: “A tenderly bracing duo of the tantalising tingle of chilli with sweet and sticky honey. A helping hand to get your heart racing.” Again, not on sale here, but if you’re tempted you could certainly fashion your own flavour mix (spicy Cheetos and caramel popcorn, anyone?).
