May 10th, 2017 by Own A Space
Emaar Malls on 7TH May, Sunday said that they recorded net profit valued at Dh539 million in the first quarter of this year, which is an increase of 19 per cent over the last quarter of previous year’s net profit of Dh452 million and equal to the net profit of Dh529 million during first quarter of the same year.
Dubai Marina Mall, The Dubai Mall, Gold & Diamond Park, Souk Al Bahar, and the community shopping centres are all the assets of Emaar Malls. Together they welcomed around 34 million visitors in the first quarter of the year which is an increase of 10 per cent over the similar period in previous year. The occupancy levels of gross leasable area (GLA) across Emaar Malls’ assets averaged to 96% during Q1 2017.
At the Emaar properties’ second annual general meeting happened in April, the malls approved a cash dividend worth Dh 1.301 billion which is similar to 10% of the share capital for the second consecutive year.
The chairman of Emaar Malls and Properties, Mohamed Alabbar, said that the growth recorded by the Malls displays the credibility of Dubai being one of the top retail and tourism hub, led by the vision of Vice-President and Prime Minister of the UAE and Ruler of Dubai his Highness Sheikh Mohammed bin Rashid Al Maktoum.
Retail industry is the robust contributor for the country’s economy and also supports the diversification strategy of the leaders. They are committed to drive the growth of malls and retail sector with the help of their assets and provide customer based experiences through leveraging digital technologies. With the ongoing expansion of malls and establishing new retail subdivisions, they are not only targeted towards a creation of long-term value for the stakeholders but also providing memorable experiences for the residences and visitors to UAE.
Emaar malls right now have the gross leasable area of around 6 million sq. ft in Dubai. With the current expansion of The Dubai Mall’s fashion avenue, another 1 million square feet of built-up area will be added, which will further add more than 150 international brands and also new leisure choices & F&B.
New retail addition and a Boulevard establishment are going on with Emmar malls under it souk concept in spring village having around 245000 square feet GLA. The souk concept is expanding to Emmar’s integrated developments.
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