Emaar properties
Tenant sales are up 77% over first-half 2020 numbers, but more important, they also show an improvement from the 2019 total. Image Credit: Gulf News Archives

Dubai: Emaar Malls pulled off a 74 per cent increase in second quarter 2021 revenues to Dh1.14 billion, and setting the base for a first six month top-line of Dh2.08 billion. For the mall operators’ tenants, there is also some heartening news, with their first-half sales 77 per cent higher than during the same period in 2020.

Just as important, tenant sales, which also includes those from The Dubai Mall, are also an improvement over 2019 first-half tally. The latest mall in the Emaar portfolio – at Dubai Hills – is set to open in the first quarter of next year. It will add a further 600 outlets across a 2million square feet gross leasable area.

Namshi picks up online wins
The online arm of Emaar Malls, Namshi, had sales of Dh427 million in second quarter and Dh685 million over the six months. The gains are coming from its reach into other Gulf markets, notably Saudi Arabia and Kuwait.

Emaar Malls will also be energised by the net profit numbers, at Dh622 million the latest total is 80 per cent over the Dh345 million in the first six months of 2020. “With customers’ expectations evolving, along with the growth of new target markets, it is critical that Emaar Malls continues to reimagine the retail sector and deliver innovative experiences,” said a spokesperson.

Overall occupancy levels at the developer’s mall properties were at 91 per cent.