Emaar Malls, the shopping malls and retail business majority-owned by UAE developer Emaar Properties, said it will discuss the proposal of the board of directors to distribute Dh1.3 billion ($354 million) cash dividends, representing 10 per cent of the share capital (10 fils per share) for 2016.

The second Annual General Meeting (AGM) of Emaar Malls will be held tomorrow (April 18) at the Diamond Ballroom of The Address Dubai Mall hotel in Downtown Dubai.

If the AGM falls short of quorum, the next meeting will be held on April 27, said a statement from Emaar.

The upcoming meeting will also see seven new directors of the board elected by the shareholders by secret ballot.

The Dubai group has called upon shareholders to update their contact details and addresses with the Dubai Financial Market to make sure the dividends are received appropriately, as the payment of dividends, if any, will be made through the Dubai Financial Market, said the statement.

Emaar Malls had recorded a net profit of Dh1.874 billion ($510 million) and revenue of Dh3.227 billion ($879 million) in 2016.

The shopping malls assets of Emaar Malls – The Dubai Mall, Dubai Marina Mall, Souk Al Bahar, Gold & Diamond Park and the community shopping centres - welcomed 125 million visitors during 2016, with gross leasable area (GLA) occupancy levels averaging at 96 per cent.

With a gross leasable area of about 6 million sq ft in Dubai, Emaar Malls is expanding The Dubai Mall’s Fashion Avenue by another one million sq ft built-up area.

Additionally, new retail and leisure opportunities are being created for retailers and customers with the Boulevard, Fountain Views and Zabeel expansions of The Dubai Mall, said the company statement.

Emaar Malls is also developing dedicated retail precincts in Dubai Creek Harbour and Dubai Hills Estate. Several other community mall projects are also being planned to serve Emaar’s integrated lifestyle developments, it added.-TradeArabia News Service