Mall developer set to open The Dubai Mall Fashion Avenue expansion and New Springs Village this year
Emaar Malls reported a Q4 profit of $156 million (AED574m), an increase of 27%, in its latest quarterly results.
The shopping malls and retail business, majority-owned by Emaar Properties, said its revenue for the last three months of 2017 was $307m (AED1.129bn), up 35 percent on the 2016 final quarter.
Full-year profits were reported as $566m, up 11 percent on 2016, based on full-year revenues of $988m (AED 3.629bn).
Retail occupancy levels across Emaar Malls assets averaged 94 percent during 2017, welcoming 130 million visitors in 2017, 4 percent higher than 2016.
The Dubai Mall welcomed 80 million visitors in 2017, underlining its reputation as the world’s most visited retail destination.
Emaar Malls acquired Middle East online fashion retailer Namshi during the year, which recorded sales of $83m (AED306m), an increase of 57 percent on 2016.
The mall developer continues to expand its portfolio, with The Dubai Mall Fashion Avenue expansion and New Springs Village set to open this year.
It’s also developing Dubai Hills Mall, a family retail district in Dubai Hills Estate. Work has commenced on the mall, which is scheduled to open in late 2019. The new retail centre features a GLA of 1.9 million square feet and more than 750 retail outlets.
"The sustained growth of Emaar Malls highlights the robust performance of our nation’s retail sector, a key contributor to the gross domestic product,” said Mohamed Alabbar, chairman of Emaar Properties and board member of Emaar Malls.For all the latest retail news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.