Emaar Malls achieves 13% growth in FY 2016

Dubai / Emirates Business

Emaar Malls, the shopping malls and retail business majority-owned by global property developer Emaar Properties, recorded a net profit of
AED 1.874 billion during 2016, an increase of 13 per cent over the full-year 2015 net profit of AED 1.656 billion. FY 2016 revenue recorded a growth of 8 per cent to AED 3.227 billion compared to FY 2015 revenue of AED 2.992 billion.
Emaar Malls reported a growth in fourth-quarter (October to December 2016) net profit by 4 percent to AED 452 million, compared to the Q4 2015 net profit of AED 435 million.
Revenue for Q4 2016 increased to AED 835 million, which is 8 percent more than Q3 2016 revenue of AED 774 million.
The shopping malls assets of Emaar Malls – The Dubai Mall, Dubai Marina Mall, Souk Al Bahar, Gold & Diamond Park and the community shopping centres – welcomed 125 million visitors during 2016, similar to annual footfall during 2015.
The Dubai Mall set a similar footfall level of 80 million visitors for three consecutive years despite ongoing expansion in and around the mall, reiterating its reputation as the world’s most-visited retail and lifestyle destination. The gross leasable area (GLA) occupancy levels averaged 96 per cent during 2016.
Mohamed Alabbar, Chairman of Emaar Malls and Emaar Properties, said: “As a global business and leisure hub, Dubai is among the top preferred destination for international retailers to expand their operations. Emaar Malls has created a dynamic platform of shopping malls that catalyse the growth of Dubai’s retail sector while offering the nation’s residents and visitors with exciting retail and leisure choices.
“In today’s digital age, we are focused on leveraging advanced technologies to ensure that our visitors have memorable experiences at our malls. We will continue to introduce new innovations, strengthened further with digital strategies to ensure that our malls stay
ahead of the curve, and redefine the
retail sector.
“The positive growth of the Dubai economy, led by the smart, futuristic vision of HH Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, will continue to power our growth. We are now expanding our footprint with next-generation malls in Dubai Creek Harbour and Dubai Hills Estate that will make the city the first choice for retail.”
With a gross leasable area of about 6 million sq ft in Dubai, Emaar Malls is expanding The Dubai Mall’s Fashion Avenue by another 1 million sq ft built-up area. Over 150 international brands will be added apart from some of Dubai’s first international F&B and leisure choices. Additionally, new retail and leisure opportunities are being created for retailers and customers with the Boulevard, Fountain Views and Zabeel expansions of The Dubai Mall.
Set to redefine Dubai’s retail sector are other mega-retail precincts being developed by Emaar Malls in Dubai Creek Harbour and Dubai Hills Estate. The first will be linked to The Tower, the iconic structure at the mega-development set to become the city’s prestigious new tourist attraction.
A number of other community mall projects are also being planned to serve Emaar’s integrated lifestyle developments. Following the successful opening of The Ranches Souk in Arabian Ranches II, The Souk is being expanded to future community malls projects. Another
retail addition will be the Springs
Village with over 245,000 square feet gross leasable area.