Emaar Malls – the shopping malls and retail business majority-owned by Emaar Properties PJSC – recorded a net profit of AED539 million ($147 million) in the first quarter (January to March) of 2017, higher by 19% over Q4 2016 (September to December) net profit of AED452 million ($123 million) and similar to the net profit of AED529 million ($144 million) during Q1 2016.
The assets of Emaar Malls – The Dubai Mall, Dubai Marina Mall, Souk Al Bahar, Gold & Diamond Park and community shopping centres – together welcomed over 34 million visitors in the first three months of the year, an increase of 10% over the same period in 2016. The gross leasable area (GLA) occupancy levels across Emaar Malls’ assets averaged 96% during Q1 2017.
According to Emaar chairman Mohamed Alabbar, the growth recorded by Emaar Malls reflects the credentials of Dubai as a leading retail and tourism hub, led by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, vice president and prime minister of the UAE and ruler of Dubai.
“The retail sector is a strong contributor to the nation’s economy and it supports the economic diversification strategy of our leadership. We are committed to driving the growth of the malls and retail sector through our assets, and to provide customer-centric experiences by leveraging digital technologies. Through our ongoing expansion of our malls and by developing new retail precincts, we are focused on creating long-term value for our stakeholders as well as offering memorable retail and leisure experiences for residents and visitors to the UAE,” he adds.
Emaar Malls today has a GLA of about 6 million sqft in Dubai. Another 1 million sqft of built-up area will be added with the ongoing expansion of The Dubai Mall’s Fashion Avenue, which will add more than 150 international brands as well as new F&B and leisure choices. Emaar Malls is also developing the Boulevard and a new retail addition under its ‘The Souk’ concept in the Springs Village with over 245,000 sqft GLA.
In addition, Emaar is developing dedicated retail precincts in Dubai Hills Estate and Dubai Creek Harbour, the Fountain Views and Zabeel expansion adjacent to The Dubai Mall, and expanding The Souk concept to Emaar’s integrated developments.