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DUBAI / WAM
Emaar Malls, the shopping malls and retail business majority-owned by global property developer Emaar Properties, recorded a net profit of AED 1.42 billion during the first nine months (January to September) of 2016, an increase of 16 per cent over the same period last year at AED1.22 billion .
The total revenue for the first nine months of the year was AED 2.39 billion, which is 10 per cent higher than the revenue of AED 2.17 billion achieved during the same period last year.
Sustaining positive growth through the third quarter (July to September) 2016, net profit was AED 435 million (US$ 118 million), which is 16 per cent higher than the Q3 2015 net profit of AED 376 million. Revenues also grew in Q3 2016 to AED 774 million (US$ 211 million), an increase of 8 % over Q3 2015 revenue of AED 720 million.
The assets of Emaar Malls are sought-after by retailers with gross leasable area (GLA) occupancy levels across all assets averaging 96 per cent during the first nine months of 2016 similar to the levels last year.
Mohamed Alabbar, Chairman of Emaar Malls and Emaar Properties, said: “Having set a track-record in delivering retail and leisure experiences, Emaar Malls is charting a new growth strategy. This is underpinned by the expansion of The Dubai Mall and the development of mega-retail precincts in Dubai Creek Harbour and Dubai Hills
Estate. “The robust economic environment of Dubai, led by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, catalyses the retail sector of the city. We will continue to develop iconic retail and leisure destinations in Dubai and key international markets to create long-term value for our stakeholders,†he added.