Business

Emaar Malls (DFM: EMAARMALLS), the shopping malls and retail business majority-owned by Emaar Properties PJSC (DFM: EMAAR), videotaped a web revenue of AED 2.080 billion (US$ 566 million) in 2017, 11 percent more than the net profit of AED 1.874 billion (US$ 510 million) during 2016. Revenue for full-year 2017 was AED 3.629 billion (US$ 988 million), a development of 12 percent over 2016 income of AED 3.227 billion (US$ 879 million).

In the fourth quarter of 2017 (October to December), Emaar Malls recorded a net profit of AED 574 million (US$ 156 million), 18 percent more than the Q3 2017 (July to September) net profit of AED 485 million (US$ 132 million), and 27 per cent higher than Q4 2016 net profit of AED 452 million (US$ 123 million).

Revenue for Q4 2017 was AED 1.129 billion (US$ 307 million), 29 per cent higher than the Q3 2017 income of AED 876 million (US$ 238 million), and 35 per cent above the Q4 2016 income of AED 835 million (US$ 227 million).

Gross Leasable Area (GLA) occupancy degrees throughout Emaar Malls properties balanced 94 per cent during 2017. With each other, the malls and retail centres of Emaar Malls welcomed 130 million site visitors in 2017, 4 per cent greater than the site visitor turnover of 125 million throughout 2016.

The Dubai mall, the flagship retail and recreation destination of Emaar Malls, invited 80 million visitors in 2017, for the 4th successive year, more underscoring its reputation as the world's most seen retail location.

In significant highlights of the year that demonstrated the value creation and digital emphasis of Emaar Malls, the company dispersed 10 percent of its share capital, equivalent to AED 1.301 billion (US$ 354 million), as money dividend to the shareholders, and it completed the purchase of leading Middle East on-line style seller Namshi. Complying With Emaar Malls' procurement, Namshi videotaped sales of AED 306 million (US$ 83 million), an increase of 57 percent compared with the exact same duration in 2016.

Emaar has also announced the launch of the Dubai Hills Hills Mall, a family retail district in Dubai Hills Estate. Work has commenced on the mall, which is set up to open up in late 2019, with a GLA of 1.9 million square feet, Dubai Hills Mall will certainly feature greater than 750 retail outlets consisting of a selection of 'fast fashion' stores, dining establishments and cafs. The shopping mall will have 4 major household family entertainment and leisure centres along with a cineplex, hypermarket, 7 anchor retail experience stores, and committed parking spaces for over 7,000 automobiles.

Mohamed Alabbar, Chairman of Emaar Properties and Board Member of Emaar Malls, said: "The sustained growth of Emaar Malls highlights the robust efficiency of our country's retail sector, a key contributor to the gdp. As a global retail center today, Dubai is providing really first-rate choices with our mall possessions serving as favored locations for global, regional and UAE-based brands. Through our focus on digital innovation and shopping malls expansion, our properties will continuously catalyse the economic situation, matching the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President & Prime Minister and Ruler of Dubai, while creating long-lasting value for our stakeholders."

Emaar Malls has actually begun service The Dubai Malls Mohammed bin Rashid Boulevard expansion that will serve as an energetic connect to both Mohammed bin Rashid Boulevard along with its Fountain Sights and Zabeel developments. Emaar Malls is also creating a brand-new retail addition under its 'The Souk' concept in the Springs Town with over 245,000 square feet GLA. Another distinguished enhancement is the retail district in Dubai Creek Harbour, which will certainly be linked to the Dubai Creek Tower, a new global icon planned.

• Tags
• #Business
• #Magazine
• #Lifestyle