Emaar 'To Face Up To New Realities'

Emaar Properties 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 to the general reserve will be transferred to retained earnings. 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.

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.