By Staff writer
Shopping malls and retail business of Emaar Properties says assets welcomed 125m visitors last year
Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties, on Tuesday approved a proposal to distribute 10 percent of it share capital, equivalent to AED1.301 billion ($354 million), as a cash dividend to shareholders.
Addressing shareholders, Mohamed Alabbar, chairman of Emaar Malls and Emaar Properties, said the success of Emaar Malls is led by the UAE’s robust growth and the vision of Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President & Prime Minister and Ruler of Dubai, to establish the nation as a smart hub for trade and commerce.
“We are driving our growth with our focus on delivering enhanced retail experiences for our customers. We are investing in new and advanced technologies that will create all-encompassing experiences for our customers and contributing to sustained value for our shareholders.”
He added: “We will strengthen our malls assets with the expansion of The Dubai Mall and the development of retail districts in Dubai Hills Estate and Dubai Creek Harbour, which are designed for the new generation of tech-savvy, trend-conscious customers.”
Emaar Malls recorded a net profit of AED1.874 billion and revenue of AED3.227 billion in 2016.
Its shopping malls – The Dubai Mall, Dubai Marina Mall, Souk Al Bahar, Gold & Diamond Park and the community shopping centres - welcomed 125 million visitors during the year, with gross leasable area (GLA) occupancy levels averaging at 96 percent.
With a GLA of about 6 million sq ft in Dubai, Emaar Malls is expanding The Dubai Mall’s Fashion Avenue by another 1 million sq ft built-up area.
New retail and leisure opportunities are also being created for retailers and customers with the Boulevard, Fountain Views and Zabeel expansions of The Dubai Mall.
Emaar Malls is also developing dedicated retail precincts in Dubai Creek Harbour and Dubai Hills Estate. Several community mall projects are also being planned to serve Emaar’s integrated lifestyle developments.