Dubai – Mubasher: Emaar Properties’ board of directors has re-elected Mohamed Alabbar as chairman.
Earlier in April Alabbar stated that Emaar’s real estate business will grow 20% a year, which means that it will be doubled in the coming five years.
The board also elected Ahmad Al Matrooshi as deputy chairman, according to a bourse statement released on Monday.
Emaar’s shareholders elected a new board and approved the distribution of AED 1 billion ($272.25 million) from the returns of Emaar Development’s initial public offering (IPO).
Shareholders of the Dubai based and listed developer adopted the constitutive regulation of the Employees Incentive Programme.
Emaar Properties posted a 5% growth in net profit during the fourth quarter of 2017, registering AED 1.36 billion, compared to AED 1.297 billion in the year-ago period.
