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Alabbar comments on Emaar’s dividends raise, noon IPO, Americana Restaurants growth plans

Alabbar comments on Emaar’s dividends raise, noon IPO, Americana Restaurants growth plans
Mohamed Alabbar, Founder of Emaar Properties and noon.com
AMERICANA
AMR
3.57% 3.48 0.12
Emaar
EMAAR
-0.12% 8.09 -0.01

Mubasher: Mohamed Alabbar, Founder of Emaar Properties and noon.com, announced plans to raise the DFM-listed company’s dividends for the shareholders in 2023.

During his remarks with the Emirates News Agency (WAM), Alabbar also refuted immediate plans to float noon's shares on the financial market and addressed the future expansion plans of Americana Restaurants International.

Following its positive results during the first half (H1) of 2023, Alabbar expected that Emaar would continue to achieve growth in its financial results during the coming quarters, backed by a strong sales track record.

He added that the investors will submit a proposal to the board members to discuss increasing dividends for shareholders in 2023.

No Current Plans for noon IPO

Alabbar revealed that there are no current plans for noon’s initial public offering (IPO) to trade its shares on the financial market. However, he noted that this step will be taken into consideration in the future.

The official pointed out that noon currently focuses on accelerating growth and expansion across key markets, which include the UAE, Saudi Arabia, and Egypt.

He stated that the e-commerce platform intends to enter new markets while maintaining a strong footprint in its existing ones.

Americana Restaurants to Expand in UAE & Saudi Arabia

Alabbar, the Chairman of Americana Restaurants, mentioned that the listing of the group’s shares on ADX as well as the Saudi Exchange (Tadawul) marked a significant turning point in its history.

He shared the company's objective to launch between 250 to 260 new restaurants by the end of 2023 in line with its growth prospects across the UAE and Saudi Arabia.

In January-June 2023, Americana Restaurants recorded net profits attributable to the owners valued at $144.76 million, an annual surge of 19.40% from $121.26 million.