Emaar group held its 24th Annual General Meeting (AGM) today, during which the Board of Directors highlighted the resilient performance of Emaar Properties, Emaar Development and Emaar Malls in FY 2019, and the measures that have been taken to confront the outbreak of COVID-19 pandemic, to ensure continuity of all business and safeguard the interests of the organization and its shareholders.
During the AGM, the report by the Board of Directors on the activities and financial position of the company and the Auditor’s report has been also approved.
Notwithstanding the fact that COVID-19 pandemic had impacted the vast majority of companies around the world, Mohamed Alabbar, Chairman of Emaar Properties affirmed that the Emaar showed significant resilience during the crisis. “We in Emaar took several strict measures and procedures that enabled us to ensure the continuity of our business. These included reducing the operating costs, restructuring some of our activities in line with our future vision that revolves around promoting the adoption of digital systems, with a view to maintaining the required level of cash liquidity”, Alabbar said.
“We are working diligently to complete all our projects for delivery within the timeframes originally specified. We hereby reiterate that the company has an extremely strong position, thanks to its efficient management team and employees as well as the measures we have taken during this crisis,” he added.
“The current conditions in the market are likely to improve and we are optimistic about where the conditions will take us in the short term. However, we must at the same time keep an open eye on the markets, deal with it with extreme caution to avoid being in unfavorable situations, and to be well prepared for the future” Alabbar said.
Within the last few weeks, Alabbar and the executive leadership of Emaar, held series of meeting through video conferences with various leading sectors in the UAE, aimed at tackling the current economic situation.
Alabbar affirmed that Emaar will continuously strive to maximise shareholder value, through providing best customer service and having hard working resources in the company. “We are also implementing new digital initiatives which will significantly enhance value of our properties and assets to our customers and will also enable us to continuously innovate with new products and services.” he said.
Emaar has consistently outperformed itself despite operating in challenging market conditions. Having sold over 30,500 residential units in the past 10 years, recording sales of AED 88.4 billion (US$ 24.07 billion), Emaar’s off-plan sales of AED 14.4 billion (US$ 3.92 billion) in 2018, accounted for more than 65 per cent of the total off-plan sales, valued at AED 21.4 billion (US$ 5.83 billion) in Dubai.