Dubai's Mall of the Emirates has been named among the world's top 10 most profitable shopping malls in a new report.
Majid Al Futtaim Properties' flagship mall in Dubai, has been ranked the seventh most productive shopping centre in the world, earning $1,423 per sq ft per annum, according to research by the International Council of Shopping Centres (ICSC).
According to ICSC, the 2.5 million sq ft Mall of The Emirates is nearly three times more profitable per sq ft than the industry average.
The research said its sales surpass those of some of the most internationally renowned shopping destinations in Los Angeles, Toronto and Orlando.
Since opening its doors in 2005, Majid Al Futtaim Properties said the Mall of the Emirates has witnessed "consistent footfall growth and impressive demand from retailers".
Annual footfall numbers have increased by an average 8-10 percent, the company said in a statement.
In the first half of 2012, the Mall welcomed more than 20 million visitors, on track to surpass 2011's total of 36 million visitors.
Housing 535 international retail brands, there are currently over 160 international brands on the waiting list for space at Mall of The Emirates, it said.
Peter Walichnowski, CEO of Majid Al Futtaim Properties, said: "We are very pleased to be recognised on an international level, which confirms our position as the retail leader in the Middle East region including Dubai, one of the world's most iconic shopping destinations.
"We are constantly investing in renovating our offerings, refreshing our retail mix and developing new entertainment concepts. This has not only contributed to our leadership of the market, both in the region and worldwide, but has also played a fundamental role in positioning Dubai as the second top retail hub in the world after London," he added.
Mall of the Emirates, was ranked seventh in the ICSC rankings, behind shopping centres in Sydney, New York City, London, Las Vegas and Miami.
ICSC's annual survey classifies the world's 15 most lucrative malls and analyses factors contributing to their success.
Mall of the Emirates was the only mall in the Middle East to qualify among the world's top 15 shopping malls.