Dubai-based Emaar Properties will distribute a special cash dividend of AED9bn ($2.45bn) on 23 December.

Total dividends paid out in 2014 by the property developer will reach AED17.12bn, which sets a new regional record for a public joint stock company.

“This year has been extremely significant for Emaar as we demonstrated our focus on building value for our shareholders,’ said Mohamed Alabbar, chairman of Emaar Properties in an official statement.

Earlier this year, Emaar distributed AED8m-worth of dividends, including a 15 per cent cash dividend and 10 per cent bonus shares.

In September, Emaar successfully raised a $1.6bn initial public offering (IPO) for its shopping and retail arm, Emaar Malls Group. The offering received total orders of more than $46.8bn.

The proceeds of the IPO were intended to be paid out as a shareholder dividend rather than being reinvested in the company.

The developer is now considering listing its hospitality business next year.