Dubai-based Emaar Properties’ Emaar Malls has reported net profit of AED987 million ($269 million) during the first half of this year (January-to-June), which is 17% higher than the net profit of AED845 million ($230 million) during the same period in 2015.
The Emaar Malls revenue during the said period touched AED1.618 billion ($441 million), 11% higher than the H1 2015 revenue of AED1.452 billion ($395 million).
In fact, continuing the growth momentum, Emaar Malls recorded net profit of AED458 million ($125 million) during the second quarter of 2016 (April-to-June), an 11% rise over the same period last year at AED412 million ($112 million). Revenue recorded during Q2 2016 was AED785 million ($214 million), representing a 9% increase over Q2 2015 revenue of AED 721 million ($196 million).
“The robust growth of Emaar Malls during the first-half of the year highlight Dubai’s premier position as a global hub for luxury retail and world-class leisure attractions led by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE vice president and prime minister and ruler of Dubai,” avers Mohamed Alabbar, chairman of Emaar Malls.
“Our exceptional portfolio of malls assets has redefined Dubai’s retail sector and contributes significantly to the city’s economy. Our focus has been to offer unprecedented retail choices for our visitors in truly world-class environments. Emaar Malls assets serve as a magnet for visitors from across the world, especially high net worth individuals who now regard Dubai as their go-to destination for luxury retail,” he says.
“We are now taking the growth of Emaar Malls to the next level to create long-term value for our stakeholders through the ambitious new Retail District in Dubai Creek Harbour, which will be linked directly to the iconic tower that will welcome visitors from around the world,” he adds. “We will continue to build on this momentum, and support the city’s core sectors of tourism and hospitality through innovative and creative approaches to strengthen our malls business.”
A report from Bain & Company has revealed that the emergence of some positive shopping trendsMay 9, 2021 | By RetailME Bureau
UAE-based RAW recently announced that it would be extending its GCC operations,May 4, 2021 | By Bilal Syed
UAE-based Carrefour announced its theme and plans for Ramadan 2021. The brand
Locally owned supermarket Spinneys celebrates 60 years of doing business in the
UAE-based Carrefour will become the first retailer in the region to offer new levels
The Organic Farmers’ Market is back in Bay Avenue for its 12th
UAE-based Lulu Group recently inaugurated its first-ever all-female staff store in Jeddah,
Jones the Grocer, the gourmet grocer and cheese retailer launches the Jones
UAE-based Al Maya Supermarkets is hosting a two-week food festival at select
Locally-owned supermarket Spinneys has launched its ‘Power of Plants’ initiative in the
Carrefour UAE has launched “Cookit Yourself” — a curated recipe box created
UAE-based Al Islami Foods, one of the largest frozen food companies in
Marks & Spencer’s plant-based range now offers over 25 vegan products including meat-free
World’s largest fully integrated online brand in fresh fish and meat e-commerce
UAE-based Carrefour has opened a new store at the world’s busiest international
FILA has opened its new futuristic flagship store in Dubai Mall. The 158m²
UAE-based Times Square Center is getting ready to reveal its newly refurbished,
UAE-based Majid Al Futtaim has officially opened its newest lifestyle and retail
Carrefour has announced that it is expanding its robotic fleet, adding 11
Marking the 200th hypermarket opening in Cairo, Egypt, LuLu is celebrating the
Emerging technologies and IT integration in businesses have been taking place for
British fast-fashion retailer Primark says it has no plans to sell its
UAE-based Emaar Malls have announced the resignation of its CEO, Rajiv Suri
Nakheel Malls, the retail arm of master developer Nakheel, has launched its
Majid Al Futtaim has underlined its commitment to sustainability and creating unique