Net profit of Emaar Malls grows by 19% to $147 million in first quarter
MUSCAT: Emaar Malls, the shopping malls and retail business that is majority-owned by Emaar Properties, recorded a net profit of Dh539 million ($147 million) in the first quarter (January to March) of 2017.
This reflected a 19 per cent jump over the fourth quarter (September to December) 2016 net profit of Dh452 million ($123 million) and was similar to the net profit of Dh529 million ($144 million) during first quarter 2016. The assets of Emaar Malls—The Dubai Mall, Dubai Marina Mall, Souk Al Bahar, Gold and Diamond Park and community shopping centres—together welcomed over 34 million visitors in the first three months of the year, indicating an increase of 10 per cent over the same period in 2016. The gross leasable area (GLA) occupancy levels across Emaar Malls’ assets averaged 96 per cent during the first quarter of this year.
At its second annual general meeting held in April, Emaar Malls approved a cash dividend of Dh1.301 billion ($354 million), equivalent to 10 per cent of share capital, for the second consecutive year.
Mohamed Alabbar, chairman of Emaar Malls and Emaar Properties, said the growth recorded by Emaar Malls reflects the credentials of Dubai as a leading retail and tourism hub, led by the vision of Sheikh Mohammed bin Rashid Al Maktoum, the United Arab Emirates’ (UAE’s) vice president and prime minister and ruler of Dubai.
“The retail sector is a strong contributor to the nation’s economy and it supports the economic diversification strategy of our leadership. We are committed to driving the growth of the malls and retail sector through our assets, and to provide customercentric experiences by leveraging digital technologies. Through the ongoing expansion of our malls and by developing new retail precincts, we are focused on creating long-term value for our stakeholders, as well as offering memorable retail and leisure experiences for residents and visitors to the UAE.”
Emaar Malls today has GLA of about 6 million square feet in Dubai. Another one million square feet of built up area and will be added to the ongoing expansion of The Dubai Mall’s Fashion Avenue, which will add more than 150 international brands, as well as new F&B (food and beverage) and leisure choices.
Emaar Malls is also developing the Boulevard and a new retail addition under its “The Souk” concept in the Springs Village with over 245,000 square feet of gross leasable area.
In addition, Emaar Malls is developing dedicated retail precincts in the Dubai Hills Estate and the Dubai Creek Harbour, the Fountain Views and Zabeel expansion adjacent to The Dubai Mall, and expanding “The Souk” concept to its integrated developments.