Dubai-based Emaar Properties has approved a special cash dividend of AED9bn ($2.45bn) to be distributed to shareholders following the strong investor response to the initial public offering (IPO) of its malls unit last month.

The special payment takes the total value of dividends distributed this year by Emaar to more than AED17.12bn ($4.7bn) – one of the largest disbursements announced by any listed company in the UAE.

The total value of the dividends is about 250 per cent of the par value of Emaar’s shares.

In April, Emaar announced an AED8bn ($2.18bn) dividend, made up of cash and bonus shares.

Emaar mall shares were priced at AED2.90 a share and trading commenced on the Dubai Financial Market on 2 October.

Joint global coordinators of the offering are Bank of America Merrill Lynch, JP Morgan and Morgan Stanley. Joint bookrunners are EFG Hermes UAE, Emirates Financial Services, HSBC Middle East and the National Bank of Abu Dhabi.

Emaar’s mall business comprises four shopping malls, including Dubai Mall, the world’s largest shopping mall by total area, 30 community shopping centres and other retail outlets.