Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties, recorded a net profit of AED1.02bn in the first half (H1) of 2017, an increase by 3% as compared to AED987mn in the same period in 2016.
Revenue for H1 2017 increased to AED1.62bn as against AED1.61bn in the same period last year. Also, net profit for Emaar Malls in the second quarter of 2017 was reported at AED482mn, which is 5% higher than AED458mn in the corresponding period last year.
Emaar Malls assets – The Dubai Mall, Dubai Marina Mall, Souk Al Bahar, Gold and Diamond Park, and community shopping centres – welcomed over 65 million visitors during the first six months of the year, an increase of 7% over the same period last year.
The Dubai Mall recorded a visitor footfall of 39 million in H1 2017, still being regarded as the world’s most visited retail and entertainment destination. With a gross leasabke area (GLA) of 56ha, the occupancy levels across Emaar Mall’s assets averaged 95% during H1 2017.
Mohamed Alabbar, chairman of Emaar Malls and Emaar Properties, said: “Retail is a key contributor to the national economy, and with the fast-evolving changes in the sector, we are making strategic expansions and investments to create sustained value for our stakeholders. The strong performance of Emaar Malls is highlighted by the diversity of retail choices and leisure attractions at our malls that welcome visitors from around the world. In addition to new retail districts that we are developing in Dubai, we will continue to invest in next-generation technology to transform the retail and shopping mall experience for our visitors including families and tech-savvy youth.”
Highlighting the value creation of Emaar Malls, the company distributed 10% of the share capital, equivalent to AED1.3bn as cash dividend to its shareholders earlier this year.
In key growth initiatives, the expansion of Fashion Avenue in The Dubai Mall, which has another 9.2ha of built-up area, delivering over 5.5 sqm GLA, is in final stages. This will add over 150 international brands, F&B, and leisure outlets to the mall. Emaar Malls is also developing a new retail addition under its ‘The Souk’ concept in the Springs Village with over 2.2haGLA and the Boulevard expansion.