Alabbar says Emaar could raise dividends while Noon has no immediate IPO plans

Alabbar says Emaar could raise dividends while Noon has no immediate IPO plans

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.