Emaar Malls records 37% growth in half-year 2015

July 23, 2015 | By RetailME Bureau

Emaar Malls recorded a 37% growth in net profit during the first six months of 2015 (January-to-June) to $230 million, compared to the same period in 2014. Revenue for half-year 2015 was $398 million, 16% higher compared to the same period last year.

Tenant sales across all Emaar Malls assets were $2.6 billion almost similar to last year’s retail sales performance. Notably, The Dubai Mall welcomed over 62 million visitors during the first six months of 2015, 11% higher than during the same period last year.

Net profit of Emaar Malls during the second quarter (April-to-June) of 2015 was $112 million, compared to Q2 (April-to-June) 2014 figures of $78 million, an increase of 43%. Revenue for Q2 2015 was $ 198 million, compared to Q2 2014 revenue of $178 million, an increase of 11%.

“The sustained growth of Emaar Malls is catalysed by the strategic approach of Dubai to position itself as a global hub for business and leisure led by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE vice president and prime minister and ruler of Dubai. The Dubai Plan 2021 to establish the city as the ‘preferred place to work, live and visit’ is energising all economic sectors including retail and tourism. We are committed to creating long-term value to Dubai’s economy through our expansion plans and our emphasis on providing value-added lifestyle experiences to the mall visitors,” says Mohamed Alabbar, chairman of Emaar Malls.

“Across all indicators of growth, Emaar Malls has accomplished impressive results, defining the sustained value that it generates for all stakeholders. A key contributor to the recurring revenues of Emaar Properties, our shopping malls and retail business is also setting international benchmarks in the industry. This is highlighted by the robust footfall and tenant sales at The Dubai Mall, our flagship asset.”

During the first-half of 2015, Emaar Malls also marked the launch of its new community malls brand, ‘The Souk.’ The first under the portfolio is The Ranches Souk in Arabian Ranches II, one of the city’s most sought-after residential destinations. ‘The Souk’ will be rolled out across its existing assets including The Meadows and The Springs and future Community Malls projects, building on the vision of Emaar Malls to deliver memorable retail offerings in a warm and social environment.

With a total GLA of about six million sqft, Emaar Malls has GLA occupancy rate of 96%. Emaar Malls is expanding The Dubai Mall’s Fashion Avenue, which brings the largest 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 leasable area, through this expansion, is about 15% of the current mall and is expected to be completed in 2016. Other assets under Emaar Malls include Dubai Marina Mall, Souk Al Bahar and Gold & Diamond Park as well as community shopping centres.

Previous Article Next Article



InFlavour to showcase diversity of KSA’s F&B sector

Global heavyweights from around the world are confirming their participation at InFlavour, 

Continue Reading

September 6, 2023 | By RetailME Bureau

Coffee Planet has unveiled a new brand identity to reinforce its position 

Continue Reading

August 7, 2023 | By Anurima Das
Food positive

The expansion of the organic food and grocery market in the UAE 

Continue Reading

July 26, 2023 | By Anurima Das
Union Coop reaffirms commitment to create an inclusive retail environment

Dubai-based consumer cooperative brand Union Coop has signed a memorandum of understanding 

Continue Reading

July 24, 2023 | By RetailME Bureau
GMG opens Monoprix in Nakheel Mall

UAE-based diversified business GMG’s Everyday Goods – Retail division has announced the 

Continue Reading

July 19, 2023 | By RetailME Bureau
What’s special about Dubai’s newly opened fruit & vegetable market?

Located in Al Aweer and spanning 66,000 square metres the recently opened 

Continue Reading

July 18, 2023 | By RetailME Bureau
Agthia Group launches $54-mn corporate venture capital fund

Abu Dhabi-based diversified F&B company Agthia Group has launched a $54 million 

Continue Reading

July 13, 2023 | By Rupkatha B
Carrefour UAE plans to recruit 2,500 Emiratis by 2026

Grocery retail major Carrefour, owned and operated by Majid Al Futtaim in 

Continue Reading

July 6, 2023 | By RetailME Bureau
GMG opens first monop store in Dubai

UAE-based diversified business GMG has opened the first monop convenience store at 

Continue Reading

June 20, 2023 | By RetailME Bureau
Carrefour strengthens Emiratisation commitment

Carrefour, which is owned and operated by Majid Al Futtaim Retail in 

Continue Reading

June 6, 2023 | By RetailME Bureau
Al Maya SMKTS diversifies product range

UAE-based supermarket chain Al Maya SMKTS, part of Al Maya Group, continues 

Continue Reading

June 6, 2023 | By RetailME Bureau

Download Images RetailME Magazine