Emaar Properties PJSC (EMAAR), the United Arab Emirates’ biggest developer by market value, said its board proposed a 10 fils cash dividend for last year, matching the payout a year earlier.
Emaar, developer of the world’s tallest tower in Dubai, paid a 10 fils dividend for 2010 after the company hadn’t initially proposed a dividend. The decision was made after a three-hour meeting that saw arguments between shareholders and executives. The company, owned 31 percent by Dubai’s government, didn’t distribute dividends in 2009 and 2008, according to data compiled by Bloomberg.
“There were speculations about dividend as high as 15 fils,” said Dubai-based Fadi Al Said, who oversees $250 million as senior investment manager at ING Investment Management for the Middle East and North Africa. “Since the company maintained the dividend, it may be a positive sign that it’s comfortable with its financial position.”
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