Emaar Properties PJSC recorded a net profit of AED1.384 billion ($377 million) in the first quarter (January-March) of 2017, an increase of 15% over the same period last year at AED1.205 billion ($328 million).
The company’s total revenue for Q1 2017 was AED4.072 billion ($1.109 billion), an increase of 15% over Q1 2016 revenue of AED3.529 billion ($961 million). Recurring revenues from the malls, hospitality, entertainment and leisure businesses of Emaar were AED1.592 billion ($433 million) in Q1 2017 contributing 39% to the total group revenue.
“Along with our core business of creating premium real estate in Dubai and other international markets, our malls, hospitality and leisure businesses have also recorded growth. This is driven by our new customer-oriented digital strategy that helps optimise our resource use and enhances efficiency,” says Emaar Properties chairman Mohamed Alabbar.
“We have seen an increase in property sales in Dubai, and we are on track with our construction milestones. Emaar’s performance underpins the positive economic environment of Dubai led by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE vice president & prime minister and ruler of Dubai,” he adds.
Expanding malls, hospitality portfolio
During Q1 2017, Emaar Malls recorded revenues of AED836 million ($228 million), similar to Q1 2016 revenue of AED833 million ($227 million).
Net profit from the malls business during Q1 2017 was AED539 million ($147 million), similar to Q1 2016 net profit of AED529 million ($144 million) and 19% higher than Q4 2016 net profit of AED452 million ($123 million).
The shopping mall assets of Emaar Malls, including its flagship – The Dubai Mall – welcomed over 34 million visitors in Q1 2017, 10% higher than Q1 2016. With a GLA of about 6 million sqft in Dubai, Emaar Malls is expanding The Dubai Mall’s Fashion Avenue by another 1 million sqft built-up area this year. Additionally, The Dubai Mall is adding new retail and leisure attractions with the Boulevard, Fountain Views and Zabeel expansions.
Emaar’s hospitality, commercial leasing and entertainment businesses reported revenues of AED756 million ($206 million) during Q1 2017, an increase of 5% over the same period last year at AED722 million ($197 million).
Emaar’s hospitality segment marked the launch of two new hotels in Q1 2017 including Address Boulevard, a city lifestyle resort under the portfolio of Address Hotels + Resorts, and Rove Healthcare City. A contemporary midscale brand, Rove Hotels, is being developed as a joint venture with Meraas Holding with plans to roll out 10 hotels in Dubai by 2020.
In addition, Emaar is in the course of expanding its hospitality business with 26 upcoming projects in the UAE, Turkey, Egypt, Saudi Arabia and Bahrain.
Consumers, investors, and other key stakeholders of fashion retail are at aMay 11, 2022 | By Zubina Ahmed
The eight edition of the Retail Leaders Circle MENA, convened more thatMay 5, 2022 | By Zubina Ahmed
Lulu Group International recently introduced the world’s first AI-powered Food Delivery Robot
Eid Al-Fitr is an occasion to gather with your friends and family
Leading retailer LuLu Group further strengthened its presence in the Emirate of
Jones the Grocer, the Australian gourmet grocer and café chain, announces further
What is a perfect healthy snack for Ramadan? An assortment of dried
With Ramadan almost at it’s first week, we are wondering where can
In spirit of the holy month, Amazon announced that it will contribute
As consumer behaviour is changing and the demand for delivery is expanding,
As part of the ‘Gift an Iftar’ campaign, Festival Plaza, part of
The Michelin Guide, a book published by the French tyre company that
As the UAE eases pandemic restrictions and encourages the renewal of business
Papa John’s International, Inc. has announced a new partnership with ENOC Group
Customers would most like to see future City Centre malls as spaces
Majid Al Futtaim, the leading shopping mall, communities, retail and leisure pioneer
Leading Hypermarket retailer Carrefour – owned and operated by Majid Al Futtaim
GMG, a global well-being company retailing, distributing and manufacturing a portfolio of
Some 88% of consumers in UAE and KSA have revealed that they
Have you thought of a situation when retail stores will offer refill
LEGO Certified Stores – owned and operated by Majid Al Futtaim together
India’s leading retailer Reliance has called off its $3.4 billion deal with
Swedish home furnishings giant IKEA, has announced the opening of its first
Shopping while earning money or getting returns from a part of your
The UAE Cabinet on Monday announced a set of new visas that
The global online fashion market is now a $500 billion industry, with