Dubai: Even with occupancy levels remaining the same at a 96 per cent high, Emaar Malls recorded net profits of Dh1.42 billion for the first nine months, a gain of 16 per cent on the Dh1.22 billion from last year. Revenues totalled Dh2.39 billion, up 10 per cent from the Dh2.17 billion same time last year.
But on a quarter-on-quarter basis, the net for the third quarter — at Dh435 million — came in slightly lower — by 5 per cent — against the Dh458 million recorded in the three months to end June. Rental income dipped slightly, by 1 per cent, to Dh774 million from the Dh785 million in the second quarter.
Going forward, Emaar Malls will see a significant rise in new retail stock, not least the creation of a full-fledged retail cluster within the Dubai Creek Harbour, which is also the site for The Tower and the tallest skyscraper in the making. The new retail “district” — details of which are yet to be announced — will be linked directly to The Tower.
With a current total GLA (gross leasable area) of about 6 million square feet, Emaar Malls will also deliver a centrally located mall and community retail areas (including a boutique mall) at Dubai Hills Estate, its community with the MBR (Mohammad Bin Rashid) City master-development.
“Having set a track-record in delivering retail and leisure experiences, Emaar Malls is charting a new growth strategy,” said Mohammad Alabbar, Chairman of Emaar Malls and Emaar Properties.
As for its existing assets, The Dubai Mall will see another 150 outlets take up space at the 1 million square feet expansion. After opening The Ranches Souk in Arabian Ranches II, “The Souk” concept of community centres is being rolled out at The Meadows and The Springs. Another retail addition will be the Springs Village with over 245,000 square feet of GLA.
