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Emaar Malls, the shopping malls and retail business of UAE developer Emaar Properties, has registered a net profit of Dh1.102 billion ($300 million) during the first half, up 8 per cent over Dh1.021 billion ($278 million) last year.
Announcing the results for the first six months, Emaar Malls said the revenue for half-year of 2018 surged 29 per cent to hit Dh2.103 billion ($573 million) compared to Dh1.624 billion ($442 million) last year.
During the second quarter (April to June) of the year, Emaar Malls recorded a net profit of Dh554 million ($151 million), 15 per cent higher than Q2 2017 net profit of Dh482 million ($131 million).
Revenue during Q2 was Dh1.065 billion ($290 million), 35 per cent higher than the Q2 2017 revenue of Dh788 million ($215 million), it added. Earlier this year, Emaar Malls distributed a cash dividend of Dh1.301 billion ($354 million), equivalent to 10 per cent of share capital, to shareholders – for the third consecutive year - underlining its focus on sustained value creation.
Emaar Malls has inaugurated the expansion of The Dubai Mall Fashion Avenue, which added over 150 international brands, as well as The Springs Souk, a vibrant community centre with a wide choice of leisure attractions added a total gross leasable area (GLA) of 850,000 sq ft.
With this addition, Emaar Malls has a GLA of over 6.7 million sq. ft. in Dubai. The occupancy across the assets of Emaar Malls was a robust 93 per cent during the first half of 2018.
Emaar Malls assets – including The Dubai Mall, Dubai Marina Mall, Souk Al Bahar, Gold & Diamond Park and community shopping centres - welcomed 67 million visitors during the first half of 2018, 3 per cent higher than last year, said the statement from the developer.
The Dubai Mall reiterated its credentials as the world’s most visited retail and shopping destination welcoming 40 million visitors during the first half of the year, driven by year-round activities including the popular festivities to mark the Chinese New Year that welcomed thousands of Chinese tourists.
Reflecting the success of Emaar Malls’ investment in tech-retail platforms, Namshi, which was acquired in August 2017, recorded online sales of over Dh384 million ($105 million) in the first half of 2018, an increase of 22 per cent over the same period last year, it added.
Emaar Properties' Chairman Mohamed Alabbar, said: "In a short span of time, Emaar Malls has underlined its strength in delivering world-class retail destinations that meet the aspirations of both UAE residents and tourists."
"We are now taking the Emaar Malls growth story to the next level with a firmer focus on omnichannel retailing and the creation of iconic new destinations that will reshape retail dynamics," remarked Alabbar, who is also the board member of Emaar Malls.
"Designed for the next generation and leveraging future technologies, these malls will bring the timeless charm of the city squares in a high-tech environment," he added.
Emaar’s next-era retail destinations include the upcoming new retail precinct in Dubai Creek Harbour, the vibrant 6 sq km mega-development by the historic Creek and overlooking the Ras Al Khor Wildlife Sanctuary.
Adjacent to Dubai Creek Tower, the astonishing new icon, Dubai Square – in its totality - represents a 2.6-million sq m retail, hospitality and residential district for the future.
Equivalent to the size of more than 100 football pitches - with over 750,000 sq m of gross floor retail space - Dubai Square pushes the boundaries of design and mall layout.
Blurring the boundaries of online and in-mall shopping, integrating indoor and outdoor, and delivering a social experience like none other, the all-new Dubai Square is designed for the new era of customers, digital, connected and tech-savvy, and setting a benchmark for retail experiences in the 21st century, said the developer.
The Dubai Hills Mall in Dubai Hills Estate is another key development with its construction progressing as per schedule. Once ready, it would boast a GLA of about 2 million sq ft, and would feature about 650 retail outlets including ‘fast fashion’ retail stores, restaurants and cafés.
It will have four major family entertainment and leisure centres as well as a cineplex, hypermarket, seven anchor retail experience stores, and dedicated parking spaces for over 7,000 vehicles.
In other significant expansion, work on The Dubai Mall’s Mohammed bin Rashid Boulevard expansion that will link to both Mohammed bin Rashid Boulevard as well as its Fountain Views and Zabeel expansions of the mall has commenced.
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