Emaar to reopen Address Downtown
dubai — Dubai’s Address Downtown hotel, which was damaged in a New Year’s Eve fire in 2015, will reopen in the fourth quarter, the chief executive of the hospitality group of operator Emaar Properties said on Tuesday.
“We are focusing on getting The Address Downtown more beautiful than before, totally ready and we’re well on track,” Olivier Harnisch said at a news conference in Dubai. Emaar chairman Mohamed Alabbar had earlier said the 63-storey hotel and residential tower would reopen sometime this year. Harnisch declined to provide a specific date for the reopening. “It will definitely be before the end of the year,” he said.
Meanwhile the 19th Annual General Meeting (AGM) of Emaar Properties declared a cash dividend of 15 per cent of the share capital, equivalent to Dh1.074 billion ($292 million), for distribution to the company’s shareholders on Tuesday.
The AGM also approved the report of the Board of Directors on the activities and financial position of Emaar, the Auditor’s report, and balance sheet for 2016. Ernst and Young was appointed as the auditor for 2017. The assembly also approved the Employees Incentive Scheme.
Alabbar said that Emaar has cre- ated sustained value for shareholders through its competencies premium real estate, malls and hospitality. “The leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, inspires us to push our boundaries and expand our operations with the goal of creating added value for our stakeholders.” He added: “Our ambition is to further strengthen customer loyalty and enhance our brand value. We will achieve this with our absolute focus on being a customer-centric organisation. We will also strengthen our financial performance by maintaining a robust balance sheet. Across all our businesses, we focus on bringing high-calibre professionals while also shaping the next generation of young future leaders. Our new growth approach is led by the digital transformation of our operations, which will transform our company and ensure that we are future-ready.”
In 2016, Emaar recorded net profit of Dh5.233 billion ($1.425 billion), and revenues of Dh15.540 billion ($ 4.231 billion). Recurring revenues from Emaar’s shopping malls, hospitality, entertainment and leisure businesses was Dh5.976 billion ($1.627 billion), 38 per cent of the total Group revenue. Emaar’s international operations reported revenue of Dh2.665 billion ($726 million), 17 per cent of the total Group revenue.
The performance of Emaar’s real estate sales in Dubai recorded notable growth during 2016 at Dh14.4 billion ($3.92 billion). Sales across various international markets in 2016 were valued at Dh3.9 billion (US$ 1.1 billion). The group now has a backlog of Dh42.977 billion ($11.701 billion) to be recognised in the next few years.
— business@khaleejtimes.com