Shareholders of Emaar Properties gathered last night at the company’s annual meeting in Dubai to learn there would be no dividend.

'Because of the world financial crisis and the shortage of liquidity in the market, the board of directors has recommended that we will not be distributing any dividends this year,' said Mohammed Alabbar, the chairman of Emaar.

More than 80% agreed with the move, with one shareholder saying: 'We have to consent, but we hope it’s really in the interest of the people.'

Emaar’s current land bank stands at 516 million square metres, with a value of AED79 billion ($21.64bn), the company has revealed.

The National,