Emaar 'to face up to new realities'.
Dubai: Emaar Properties Emaar Properties (Arabic: إعمار), the Dubai-based Public Joint Stock Company and one of the world’s largest real estate companies, is listed on the Dubai Financial Market and is part of the Dow Jones Arabia Titans Index. on Sunday said its total shareholders' funds at the end of 2008 amounted to Dh36 billion, slightly below Dh36.53 billion in 2007.
The transfer of statutory reserve has been suspended as the reserve has reached 50 per cent of the paid up capital, its board of directors said in a financial report posted on the Dubai Financial Market website.
In view of the current financial and economic uncertainty, the board of directors of the company has not recommended any dividend to shareholders for 2008, which is subject to the approval of the shareholders at the company's forthcoming annual general meeting.
The balance of the distributable profit of Dh2.74 billion after considering appropriation The designation by the government or an individual of the use to which a fund of money is to be applied. The selection and setting apart of privately owned land by the government for public use, such as a military reservation or public building. to the general reserve will be transferred to retained earnings Retained Earnings
The percentage of net earnings not paid out in dividends, but retained by the company to be reinvested in its core business or to pay debt. It is recorded under shareholders equity on the balance sheet. .
The director's report stated that the current downturn and liquidity crisis in the global financial markets has adversely affected the real estate sector across the globe including the real estate market in UAE (Uninterruptible Application Error) The name given to a crash in Windows 3.0. In subsequent versions of Windows, a crash was called a "General Protection Fault," "Application Error" or "Illegal Operation." See crash in Windows and abend. .
The primary focus of Emaar in 2009 will be to mitigate the negative impact of the global financial crisis by facing up to the new economic realities and identifying innovative strategies to sustain businesses in an unprecedented downturn. The emphasis will be on optimising resource use efficiency and maximising productivity, and continuing to build on their strategy of business segmentation and geographic expansion. Emaar's expansion into other countries, including shopping malls, is expected to gain momentum in 2009.
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