Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties, on Monday recorded an increase in net profit by 7 percent to AED584 million ($159 million) during the first quarter of 2019.
Revenue for the first three months of 2019 reported a growth of 4 percent to AED1.075 billion, underlined by the strong performance of its shopping mall assets including The Dubai Mall, Dubai Marina Mall, and the Community Retail Centres.
At its fourth annual general meeting, Emaar Malls also approved a cash dividend of AED1.301 billion, equivalent to 10 per cent of share capital, for the fourth consecutive year.
Emaar Malls said its assets maintained strong occupancy levels at 92 percent, and robust visitor arrivals at 36 million, 3 percent higher than 35 million visitors during Q1 2018.
The visitor footfall to The Dubai Mall was 22 million during the first three months of this year, supported by the growth in tourist arrivals to Dubai.
Mohamed Alabbar, chairman of Emaar Properties and board member of Emaar Malls, said: “Emaar Malls has reported consistent growth. This year, our strategy is to draw on our superior asset mix and continuously enhance our offering through well-planned extensions of The Dubai Mall and other retail destinations. Strengthening our omnichannel retail presence, highlighted by the acquisition of Namshi, is another growth driver that enables us to meet the aspirations of the new generation of tech-savvy customers.”
Patrick Bousquet-Chavanne, CEO of Emaar Malls, added: “The positive performance of Emaar Malls this quarter is driven by two key strategic imperatives - the continued introduction of newness across product categories in The Dubai Mall with the launch of 12 new brands in the quarter, and the successful execution of special events and retailers activations around Dubai Shopping Festival and Chinese New Year, along with the strong customer response to our Spring Fashion campaign."
Emaar Malls has also confirmed the openings of The Dubai Mall’s Zabeel and Fountain Views extensions that link the mall to Financial Centre Road and to the Sheikh Mohammed bin Rashid Boulevard, respectively.
Both extensions will open in the coming months and jointly add 4,500 additional parking spaces to The Dubai Mall.
Emaar is also set to open Dubai Hills Mall, a family retail district in Dubai Hills Estate in 2020, which will feature about 550 retail and entertainment outlets.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.
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