Dubai’s Emaar Properties shares declined by 3.27% at AED 7.20 on March 7 after the company announced a 15% cash dividend, Gulf News reports.

The Emirati giant real estate developer will seek shareholder approval for 15 fils a share at its annual general meeting due on April 17. The meeting will also approve the company’s plans to put in place an employee share-based incentive plan.


“We hope 2017 will be a better year. 2016 was tough for us; Emaar has a project backlog of USD 11.4 bn,” Emaar’s Chairman Mohamed Alabbar said at an investment conference in Dubai on March 6 .

Emaar, the developer behind the world’s tallest building Burj Khalifa, reported a 56% rise in the profits of Q4. However, that was partly because of the insurance paid after a neighboring hotel caught fire in 2016’s New Year’s Eve.

The developer, in which the government of Dubai has a minority stake, also said that it had posted a net profit of AED 5.23 bn for the year ending December 31, 2016.

The Gulf construction sector has slowed since mid-2014 following a decline in global oil prices that forced governments to reduce their spending.