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.

Comments

comments

Previous Article Next Article

YOU MAY ALSO LIKE /



Union Coop, a consumer cooperative in the UAE, revealed that 78% of 

Continue Reading

August 24, 2021 | By Jibran Chouguley

Union Coop has opened its 23rd branch within the UAE in Jumeirah 

Continue Reading

August 2, 2021 | By Jibran Chouguley

Nando’s has revealed their revamped Sheikh Zayed Road outlet where newcomers and 

Continue Reading

July 8, 2021 | By Jibran Chouguley

UAE-based Al Maya Group announced that it will be boosting import of 

Continue Reading

June 24, 2021 | By RetailME Bureau

UAE-based grocery retail chain, Grandiose has opened its first hypermarket in Abu 

Continue Reading

June 2, 2021 | By RetailME Bureau

UAE-based Carrefour announced its theme and plans for Ramadan 2021. The brand 

Continue Reading

March 31, 2021 | By RetailME Bureau

Locally owned supermarket Spinneys celebrates 60 years of doing business in the 

Continue Reading

March 9, 2021 | By RetailME Bureau
Almarai, Carrefour, Emirates have the most loyal customers

UAE-based Carrefour will become the first retailer in the region to offer new levels 

Continue Reading

February 22, 2021 | By RetailME Bureau

The Organic Farmers’ Market is back in Bay Avenue for its 12th 

Continue Reading

February 17, 2021 | By RetailME Bureau

UAE-based  Lulu Group recently inaugurated its first-ever all-female staff store in Jeddah, 

Continue Reading

February 15, 2021 | By RetailME Bureau
Jones the grocer

Jones the Grocer, the gourmet grocer and cheese retailer launches the Jones 

Continue Reading

February 1, 2021 | By RetailME Bureau

UAE-based Al Maya Supermarkets is hosting a two-week food festival at select 

Continue Reading

January 17, 2021 | By Lawrence Pinto




Download Images RetailME Magazine