Image Credit: Ahmed Ramzan/Gulf News Archives

Dubai: Emaar Malls, the shopping malls and retail business majority-owned by developer Emaar Properties, recorded Dh987 million in net profit for the first six months of this year, a growth of 17 per cent over the same period last year.

Revenue for the first half of this year touched Dh1.618 billion, up 11 per over the Dh1.452 billion recorded during the same period in 2015.

In the second quarter of this year, Emaar Malls posted a net profit of Dh458 million, an 11 per cent growth over the same period last year at Dh412 million. Revenue for the same period reached Dh785 million, up 9 per cent over the Dh721 million achieved in the second quarter of 2015.

“We are now taking the growth of Emaar Malls to the next level to create long-term value for our stakeholders through the ambitious new Retail District in Dubai Creek Harbour, which will be linked directly to the iconic tower that will welcome visitors from around the world,” stated Mohamed Alabbar, chairman of Emaar Malls.

“The robust growth of Emaar Malls during the first-half of the year highlight Dubai’s premier position as a global hub for luxury retail and world-class leisure attractions led by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai. We will continue to build on this momentum, and support the city’s core sectors of tourism and hospitality through innovative and creative approaches to strengthen our malls business,” he added.

Similar to the previous year, overall gross leasable area (GLA) occupancy across Emaar Malls’ assets remained 96 per cent during the first half of this year. Emaar Malls has distributed a cash dividend of 10 per cent of the share capital, equivalent to Dh1.3 billion.

Alongside the new Retail District in the Dubai Creek Harbour, Emaar Malls is expanding The Dubai Mall’s Fashion Avenue by 1 million square feet built up area to deliver over 600,000 square feet GLA, in addition to plans for the mall’s Boulevard, Fountain Views and Zabeel expansions.