Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties PJSC, recorded a net profit of AED539 million (US$ 147 million) in the first quarter (January to March) of 2017, higher by 19 percent over Q4 (September to December) 2016 net profit of AED 452 million ($123 million) and similar to the net profit of AED529 million ($144 million) during Q1 2016.
The assets of Emaar Malls – The Dubai Mall, Dubai Marina Mall, Souk Al Bahar, Gold & Diamond Park and community shopping centers – together welcomed over 34 million visitors in the first three months of the year, an increase of 10 percent over the same period in 2016.
The gross leasable area (GLA) occupancy levels across Emaar Malls’ assets averaged 96 percent during Q1 2017.
At its second Annual General Meeting held in April, Emaar Malls approved a cash dividend of AED1.301 billion ($354 million), equivalent to 10 percent 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 His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE 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 customer-centric experiences by leveraging digital technologies,” said Alabbar.
“Through our 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,” he pointed out.
Emaar Malls today has a gross leasable area of about six million sq ft in Dubai. Another one million sq ft of built up area will be added with the ongoing expansion of The Dubai Mall’s Fashion Avenue, which will add more than 150 international brands as well as new F&B and leisure choices. Emaar Malls is also developing the Boulevard and a new retail addition under it’s The Souk concept in the Springs Village with over 245,000 sq. ft. GLA.
In addition, Emaar is developing dedicated retail precincts in Dubai Hills Estate and Dubai Creek Harbour, the Fountain Views and Zabeel expansion adjacent to The Dubai Mall, and expanding The Souk concept to Emaar’s integrated developments.