Dubai – Mubasher: Emaar Development’s shareholders are set to convene on Wednesday, 17 October to discuss the distribution of a special dividend.

The meeting will tackle the board’s proposal of a special dividend of 26 fils per share, representing 26% of the company’s share capital, and amounting to a total value of AED 1.04 billion ($283.15 million), the company said in a statement released on Tuesday.

In the event of an incomplete quorum, shareholders will hold their general meeting on Wednesday, 24 October 2018.

Emaar Development last reported a profit surge of 68% to AED 1.82 billion ($496 million) in the first six months of 2018 on the back of higher sales, while its revenues skyrocketed 119% year-on-year to AED 6.99 billion against AED 3.19 billion.

Emaar Development’s total sales backlog currently exceeds AED 38.50 billion ($10.48 billion), most of which will come in as revenue over the next three to four years, the company added in a statement.

Emaar Development is the build-to-sell property development business majority-owned by Dubai-based and listed Emaar Properties. It listed its shares on the Dubai Financial Market (DFM) in Q4-17, marking the largest DFM listing since 2014.