dubai mall shoppers
Customers throng the Dubai Mall to check out offers by its retail outlets. Image Credit: Gulf News Archive

Dubai: Emaar Malls said on Tuesday that its shareholders approved a dividend of Dh1.301 billion at the annual general meeting, representing 10 per cent of the share capital.

“Emaar Malls has consistently outperformed the market and continues to drive the growth of Dubai’s retail sector, supported by the robust fundamentals of the economy. By creating urban lifestyle destinations that integrate omnichannel retail and leisure, Emaar Malls is among the top choice for global retailers to strengthen their business. We are thankful to our shareholders for their trust in us, which inspires us to develop innovative unique destinations that will shape the future of retail in Dubai,” Mohammad Alabbar, Chairman of Emaar Properties and Board Member of Emaar Malls, said in a statement.

One of the world’s largest mall operators with a total gross leasable area of 6.7 million square feet, Emaar Malls recorded full-year 2018 net profit of Dh2.230 billion, a growth of 7 per cent over 2017. Revenue for FY 2018 was Dh4.446 billion, 23 per cent higher than in 2017.

The Dubai Mall, the flagship assets of Emaar Malls, has over 150 new retail outlets as part of the Fashion Avenue expansion, the mall now has over 1,350 retailers and 170 plus F&B choices.