Malls and hotels drive Emaar revenues

The malls and hotels drove higher revenues for Emaar Properties in the first nine months, totalling Dh17.39 billion and a healthy 30 per cent over last year’s Dh13.35 billion.

Specific to the retail and hospitality operations, their revenue contributions were 17 per cent higher at Dh5.18 billion. These now make up 30 per cent of the company’s overall top-line numbers.

But the Dubai-specific residential side of the business still dominates - in fact, in the current reporting period this made up 58 per cent of the total compared to 54 per cent last year. The Dubai arm, Emaar Development, on Tuesday reported revenues of Dh10.03 billion.

The overseas division brought in Dh2.18 billion in revenue, and this makes up 13 per cent of the total.

Emaar Malls’ revenues of Dh3.23 billion are 29 per cent higher than in 2017. More importantly, of its total leasable area of 6.7 million square feet, the developer is averaging a 93 per cent occupancy and pulled in 99 million visitors.

The hotel assets - Address Hotels + Resorts, Vida Hotels and Resorts and Rove Hotels - brought in Dh1.95 billion, more or less unchanged from a year ago .