Mohamed Alabbar, the founder of Emaar Properties and noon.com, has suggested that shareholders could potentially receive higher dividend payments from Emaar Properties during the current year.
“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,” Alabbar said.
Alabbar emphasized Emaar Properties’ strong financial performance in H1 2023, attributed to the nation’s robust economy and the steady progress observed in both the real estate and tourism domains. Alabbar projected that Emaar Properties would maintain positive financial outcomes in the upcoming quarters, backed by a solid sales history signifying sustained expansion.
Discussing the real estate titan’s long-term strategies, the Emaar founder disclosed that the board is outlining growth blueprints for the next fifteen years. This encompasses forthcoming ventures, targeted expansion nations, anticipated risks, and investments in human resources, according to Gulf Business.
Future Listing for noon.com
Regarding a potential listing for noon, Alabbar disclosed that an immediate stock market introduction for the e-commerce platform’s shares isn’t on the agenda.
However, he highlighted the potential for such a move in the future, particularly given the region’s demand for a publicly traded e-commerce entity. Alabbar also underscored noon’s established six-year trajectory marked by growth in diverse sectors.
The e-commerce platform benefits from backing by the Saudi sovereign wealth fund – Public Investment Fund. Since their launch a year ago, the “noon Minutes” speedy e-commerce delivery service and “noon Food” food delivery service have gained significant popularity in Dubai, Abu Dhabi, Sharjah, and Saudi Arabia.
He emphasized anew that noon’s current emphasis lies in accelerating growth and expansion across vital markets, encompassing the UAE, Saudi Arabia, and Egypt.
Alabbar highlighted that while the company does plan to venture into new markets, its foremost objective is to establish a robust presence in its primary markets.
Regarding the listing of Americana Restaurants, where he holds the position of chairman, Alabbar discussed the company’s shares being publicly traded on the markets.
Alabbar added that Americana aims to open 250 to 260 new restaurants by year-end, with a particular focus on crucial markets like the UAE and Saudi Arabia. Simultaneously, the company remains dedicated to enhancing its operations within the Egyptian market.
