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Mon 23 Apr 2018 07:09 PM

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Emaar Malls approves cash dividend of $353m for 2017

Retail unit says dividend represents 10% of share capital

Emaar Malls approves cash dividend of $353m for 2017

Emaar Malls, the shopping malls and retail unit of Emaar Properties, on Monday approved the distribution of cash dividend to shareholders amounting to AED1.3 billion ($353.9 million).

The figure represents 10 percent of the share capital, the company said in a statement.

Mohamed Alabbar, chairman of Emaar Properties and board member of Emaar Malls, said: “We are thankful to our shareholders for their support and trust in us, as we continue to focus on creating long-term value for them through our next-generation malls.”

Emaar Malls recorded a net profit of just over AED2 billion in 2017, 11 percent higher than 2016. Revenue for full-year 2017 was AED3.629 billion, a growth of 12 percent while occupancy levels across Emaar Malls assets averaged 94 percent.

Together, the malls and retail centres of Emaar Malls welcomed 130 million visitors in 2017, 4 percent higher than in 2016.
The Dubai Mall, the flagship retail and leisure destination of Emaar Malls, welcomed 80 million visitors for the fourth consecutive year.

Emaar has recently announced the launch of the Dubai Hills Mall, a family retail district in Dubai Hills Estate. It is scheduled to open in late 2019 and feature more than 750 retail outlets.

Emaar Malls also recently opened the expanded Fashion Avenue in The Dubai Mall, that adds 150 new luxury outlets, and has commenced work on The Dubai Mall’s Mohammed bin Rashid Boulevard expansion.

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