Emaar Malls reports 23% growth in 2014

RetailME Bureau

Emaar Malls has recorded full-year 2014 (FY2014) net profit of $368 million, 23% higher than the net profit of $299 million during FY2013. Emaar Malls achieved FY2014 revenue of $737 million, which is 13% higher than the FY2013 revenue of $652 million. Re venue from The Dubai Mall accounted for about 82% of the total at $606 million, an increase of 12% compared to FY2013.

Tenant sales across Emaar Malls portfolio was over $4.9 billion in FY2014, an increase of 14% compared to FY2013. The tenant sales in The Dubai Mall totaled $4.3 billion in FY2014, accounting for nearly 5% of Dubai’s GDP in 2013, and 14% higher than the FY2013 sales of $3.8 billion. Emaar Malls has a total GLA of about six million sqft and recorded a GLA occupancy rate of 95% for FY2014.

“The strong revenue growth recorded by Emaar Malls, highlights Dubai’s clear emergence as the world’s premier shopping and leisure destination. The positive growth reflects the successful strategy outlined by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE vice president and prime minister and ruler of Dubai, to establish the city as a global hub and year-round destination for business, tourism and fashion,” says Mohamed Alabbar, chairman of Emaar Malls and Emaar Properties.

“In addition to contributing about 5% of Dubai’s GDP through retail sales at The Dubai Mall, our shopping mall assets created sustained positive economic impact by attracting international retail investments, creating thousands of new jobs and supporting the city’s hospitality and aviation sectors. We will continue to focus on delivering innovative retail and leisure experiences to our visitors, adding consistent value to our shareholders.”

Emaar Malls is currently expanding The Dubai Mall’s Fashion Avenue, which brings a large number of high-end international fashion brands under one roof, by one million sqft built up area to welcome a larger assortment of leading fashion brands. The Fashion Avenue, with a dedicated Fashion Catwalk, is dedicated to luxury fashion and has 80 flagship outlets, while the mall has another 300 luxury brands.