Dubai: Emaar’s retail subsidiary has seen its 2017 net profit push past the Dh2 billion mark, helped by occupancy levels of a robust 94 per cent. It tallied Dh2.08 billion, a gain of 11 per cent on the Dh1.87 billion recorded a year ago.
The malls and retail centres within the Emaar Malls portfolio pulled in 130 million visitors last year, up 4 per cent higher than in 2016. The Dubai Mall, the flagship, had 80 million visitors for a fourth consecutive year, consolidating its position as the world’s most visited retail destination.
These were enough for full-year revenues of Dh3.629 billion, a gain of 12 per cent over 2016’s Dh3.22 billion.
Expansion of its leasable assets continue, with work commencing on the mall that will come up within the Dubai Hills Estate. It is scheduled to open in late 2019, with a GLA of 1.9 million square feet. There will be more than 750 outlets.
During the year, Emaar Malls distributed 10 per cent of its share capital, amounting to Dh1.3 billion, as cash dividend and also completed the acquisition of the online fashion retailer Namshi. Following Emaar Malls’ acquisition, Namshi recorded sales of Dh306 million, an increase of 57 per cent compared to the same period in 2016.
“Through our focus on digital innovation and malls expansion, our assets will continue to catalyse the economy,” said Mohammad Al Abbar, chairman of Emaar Properties and board member of Emaar Malls. “Our shopping mall assets serving as preferred destinations for international, regional and UAE-based brands.”
Meanwhile, the company also has expansion works going on at The Dubai Mall’s Mohammad Bin Rashid Boulevard, which will serve as an active link to both the Boulevard as well as its Fountain Views and Zabeel expansions. It is also developing a new retail addition under its ‘The Souk’ concept at the Springs Village, with over 245,000 square feet GLA. Another addition is the retail district in Dubai Creek Harbour.