Emaar Malls profit increase by 17%

0

Emaar Properties – a global property developer is one of the world’s most admired and valuable real estate development companies.

It has proven competencies in shopping malls and retail, property and hospitality and leisure. With their timely delivery and top quality, they are shaping new lifestyles with focus on design excellence.

Emaar Malls which consists shopping malls and retail business is majorly owned by Emaar Properties. It has reported a net profit of Dh987 million ($ 269 million) in the first half of 2016, from January to June. This year’s profit is 17% higher than last year’s, in 2015 – from January to June, Emaar Malls made a net profit of Dh845 million ($ 230 million).

Revenue made for first the half (H1) of this year has been recorded as Dh1.618 billion ($441 million), it is 11% higher than the H1 2015 revenue of Dh1.452 billion ($ 295 million).

During the second quarter of 2016, from April to June, Emaar Malls made a net profit of Dh458 million ($ 125 million), showing an 11% increase in the growth rate when compared to 2015’s second quarter net profit of Dh412 million ($ 112 million).

Chairman of Emaar Malls, Mohamed Alabbar said, “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”.

Emaar Malls is expanding The Dubai Mall’s Fashion Avenue by 1 million sq. ft. built up area. In addition to that, they are adding new Retail District in the Dubai Creek Harbour and planning for mall’s Boulevard, Zabeel expansion and Fountain Views.

They are also working on the development of Springs Village which will have more than 245, 000 sq. ft. gross leasable area.

In addition to enlarging The Souk, Emaar Malls’ community malls brand, a master-planned community is also on the way. Dubai Hills Estate will cover 11 million sq. ft. and feature community retail areas, boutique malls for top-notch brands and a centrally located mall.

About Author