Dubai: Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties, recorded a 5 per cent increase in revenue to Dh4.673 billion (US$ 1.272 billion) in 2019. Overall net profit for the year was Dh2.286 billion (US$ 622 million), up 2.5 per cent from 2018’s profit of Dh2.230 billion (US$ 607 million).
Revenue for the fourth quarter grew by 4 per cent to Dh1.261 billion (US$ 343 million).
“2019 was a great year for Emaar Malls with occupancy and visitor levels growing steadily,” said Mohamed Alabbar, Chairman of Emaar and Board Member of Emaar Malls. “This uptick is a result of our continuous innovation as we refresh the customer journey, diversify our portfolio and invest in opportunities to bring our destinations to life. Examples of this include the recently opened Zabeel Extension at The Dubai Mall and the complete acquisition of Namshi, both of which contributed to our achievements in 2019. We expect to see this success continue through 2020, as we focus on loyalty programs to drive repeat visits and open new destinations to welcome inbound tourism driven by Expo 2020.”
Namshi, a regional e-commerce fashion and lifestyle platform, was fully acquired in 2019 by Emaar Malls. The online retailer reported sales in the fourth quarter of 2019 of Dh339 million (US$ 92 million), an increase of 40 per cent compared to the last quarter of 2018. During 2019, the wholly owned subsidiary of Emaar Malls recorded sales of Dh1.028 billion (US$ 280 million) increasing 21 per cent compared to the previous year. Emaar Mall attributed Namshi’s success to its ‘Black November’ campaign and growth in the Saudi market.
Strong occupancy and footfall
Occupancy levels within Emaar Malls assets – The Dubai Mall, Dubai Marina Mall, Gold & Diamond Park, Souk Al Bahar and the Community Retail Centres – was consistent at 92 per cent. In 2019, there were approximately 136 million visitors collectively with The Dubai Mall maintaining its exceptional performance welcoming 84 million visitors in 2019.
Emaar is set to open Dubai Hills Mall in Dubai Hills Estate in Q4 2020. The 2 million square foot retail establishment will feature nearly 550 retail and entertainment destinations including four major family entertainment and leisure centres along with a cineplex, hypermarket, seven anchor retail experience stores, and over 7,000 parking spaces. Emaar Malls is also redeveloping Meadows Village to increase its gross leasable area by approximately 95,000 sq. ft, and is scheduled for completion in 2020, further enhancing its Community Retail Centres.