Emaar Properties, the largest publicly traded developer in Dubai, has issued new shares and boosted its share capital by 8% to AED 8.83 billion ($2.4 billion). According to a report issued by Emaar to the Dubai Financial Market, where its shares are listed, the action was taken during the company’s general assembly meeting on December 21.

Additionally, the general assembly authorized Emaar Properties to issue a required bond convertible into 659 million additional shares of the firm.

Emaar said, “The increase of the company’s share has been activated at the Dubai Financial Market on December 22 and the start date of trading on the company’s new shares arising from the capital increase will be from this Friday (December 23).”

Emaar, known for constructing Dubai’s Burj Khalifa, the tallest skyscraper in the world, announced a 46% yearly increase in third-quarter net profit to roughly AED 1.5 billion. The rise is a result of new project launches and robust demand.

Due to increased demand for the property, the company’s nine-month profit attributable to owners of the company also increased to AED 5.8 billion. Along with that, to take advantage of the considerable demand from foreign investors, the company earlier this year raised the foreign ownership limit of its shares from 49% to 100%.

In October 2022, managing director Mohamed Alabbar told The National that Emaar plans to aggressively grow and boost its sales and market share as the UAE economy recovers from the coronavirus outbreak.

This year, the Dubai real estate market, which had made a good recovery from the pandemic-related downturn, has gained more traction. In the year leading up to June, the average price of residential real estate climbed by 10%, with average apartment prices rising by 9% and average villa prices rising by 19%.

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Source: The National