Dubai – Mubasher: The UAE-based Emaar Development on Wednesday approved distributing a special cash dividend of AED 1.04 billion ($283.15 million), or 26 fils per share, representing 26% of the company’s share capital.

The Emirati real estate developer approved the dividend distribution on the back of celebrating its listing on the Dubai Financial Market’s (DFM) benchmark index.

Earlier on Wednesday, Emaar Development announced launching Camelia townhouses project at Arabian Ranches in Dubai.

On Tuesday, 16 October, the local property development unit of Emaar Properties, stated that its shareholders would meet on Wednesday, 17 October to discuss special cash dividend distributions.

Emaar Development’s stock was listed on the DFM’s main index on Wednesday, 22 November 2017, with the trading symbol of EMAARDEV, to be the 63th firm of listed companies.

In August, Emaar Development last reported a 68% jump in net profits, reaching AED 1.82 billion in the first six months of this year, while profits surged 73% to AED 997 million by the end of second quarter of 2018.

Emaar Development’s stock levelled up 2.35% to close Wednesday’s trading session at AED 5.23.