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Mon 22 Apr 2019 01:51 PM

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Emaar Malls says planning to distribute $354m cash dividend

Fourth annual general meeting of Emaar Malls will be held on Tuesday, will discuss proposal for cash dividend representing 10% of share capital

Emaar Malls says planning to distribute $354m cash dividend
The Dubai Mall, the flagship assets of Emaar Malls, marked a milestone in 2018, celebrating its 10th anniversary and opening the Fashion Avenue expansion.

The fourth annual general meeting (AGM) of Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties, will be held on Tuesday.

The Emaar Malls AGM will discuss the proposal of the board of directors to distribute cash dividends to shareholders amounting to AED 1.301 billion ($354 million), representing 10 percent of the share capital.

One of the world’s largest mall operators with a total gross leasable area of 6.7 million square feet, Emaar Malls recorded full-year 2018 net profit of AED2.230 billion, a growth of 7 percent over 2017.

Revenue for the same period was AED4.446 billion, 23 percent higher than in 2017.

Emaar Malls said it maintained strong occupancy levels across its assets – The Dubai Mall, Dubai Marina Mall, Souk Al Bahar, Gold & Diamond Park and the Community Retail Centres – at 93 percent.

The malls and retail centres together welcomed 136 million visitors in 2018, an increase of 5 percent over the total visitor footfall of 130 million in 2017.

The Dubai Mall, the flagship assets of Emaar Malls, marked a milestone in 2018, celebrating its 10th anniversary and opening the Fashion Avenue expansion.

With the addition of over 150 new retail outlets as part of the Fashion Avenue expansion, the mall now has over 1,350 retailers and 170 plus F&B choices.

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