The AGM of Aldar Properties PJSC, Abu Dhabi’s leading property development, management and investment company was held today at the Emirates Palace Hotel.
At the meeting, all resolutions were passed including an increase in final dividend by 25% to AED 0.125 and the approval of director remuneration for the year.
An EGM was also held to propose amendments to the company’s articles of association to further strengthen the company’s corporate governance, in line with the requirements of the Emirates Securities and Commodities Authority. The proposed amendments were duly passed.
At today’s meeting, Ahmed Ali Al Sayegh, Chairman of Aldar Properties said, "2008 was an important year for Aldar, a year that witnessed completion and delivery of several projects. It was one in which the business continued to grow consistently and profitably following our clear strategy. The improvement in our sales, profitability and net asset value is testament to the fact that our strategy is working and the business is building an ever greater momentum." At this meeting, the financial results for the year ended 31st December were presented. The Chairman of Aldar Properties highlighted three additional key performance indicators that are central to understanding the development of Aldar: - Net asset value grew by 108.5 percent from AED 7.7 billion to AED 16.0 billion - Developments under construction increased from AED 8.3 billion to 22.9 billion - Net operating profit for the year increased to AED 2.2 billion from AED 0.1 billion By the end of the AGM, a number of queries had been addressed, including how Aldar has responded during a period of financial and economic uncertainty in the world. The point was made that Aldar can grow consistently, profitably and competitively in 2009 and beyond. The solid foundations put in place in recent years have made the business more resilient and well placed to prosper in this rapidly changing environment. Other themes to emerge included: Over the coming years, Aldar will build out an unparalleled footprint in the United Arab Emirates, developing a number of sustainable communities and attracting ever greater numbers to the region.
Our extensive knowledge of local customers is coupled with a range of unmatched developments to meet the real needs of a population growing in size, wealth and aspiration.
The company is focused on delivering its part of the Abu Dhabi government’s Economic Vision 2030, contributing to its realisation and success.
Furthermore the board has confidence in the leadership team’s ability to take important decisions to ensure the Group is able to succeed throughout the prevailing market conditions, ensuring shareholders benefit.
The company has an increasingly robust investment portfolio that will withstand the passage of time and which will deliver high quality results on a consistent basis.
The Chairman stated that Aldar remains cautiously optimistic about the year ahead and confident of making further progress towards its long-term strategic and financial objectives.
The Chairman went on to recognise the hard work that has gone into developing the Aldar business during the past year. He made a point of thanking all Aldar employees for their valuable contribution that has manifested itself in these excellent results.
Finally, the Chairman thanked President His Highness Sheikh Khalifa bin Zayed Al Nahyan, and H.H. Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, for their continued support.
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