Emaar Malls welcomes 11% more visitors

Dubai Mall.

Emaar Malls, the shopping malls and retail business majority-owned by global property developer Emaar Properties, recorded a 37 per cent growth in net profit during the first six months of 2015 (January to June) to Dh845 million ($230 million), compared to the same period in 2014. Revenue for half-year 2015 was Dh1.462 billion ($398 million), 16 per cent higher compared to the same period last year. Tenant sales across all Emaar Malls assets were Dh9.6 billion ($2.6 billion) almost similar to last year retail sales performance.
Emaar Malls, which includes The Dubai Mall, its flagship mall and the world's largest retail and entertainment destination, welcomed over 62 million visitors during the first six months of 2015, 11 per cent higher than during the same period last year.
Defining the value generated from their partnership with Emaar Malls, base rent renewal rates recorded a significant increase of 30 per cent for leases renewed during H1 2015 across all its malls and retail assets. Overall GLA (Gross Leasable Area) occupancy across Emaar Malls assets increased to 96 per cent.
Net profit of Emaar Malls during the second quarter (April to June) of 2015 was Dh412 million ($112 million), compared to Q2 (April to June) 2014 figures of Dh288 million ($78 million), an increase of 43 per cent. Revenue for Q2 2015 was Dh727 million ($198 million), compared to Q2 2014 revenue of Dh653 million ($178 million), an increase of 11 per cent.
Mohamed Alabbar, chairman of Emaar Malls, said: "The sustained growth of Emaar Malls is catalysed by the strategic approach of Dubai to position itself as a global hub for business and leisure led by the vision of His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai. The Dubai Plan 2021 to establish the city as the 'preferred place to work, live and visit' is energising all economic sectors including retail and tourism. We are committed to creating long-term value to Dubai's economy through our expansion plans and our emphasis on providing value-added lifestyle experiences to the mall visitors."
He added: "Across all indicators of growth, Emaar Malls has accomplished impressive results, defining the sustained value that it generates for all stakeholders. A key contributor to the recurring revenues of Emaar Properties, our shopping malls and retail business is also setting international benchmarks in the industry. This is highlighted by the robust footfall and tenant sales at The Dubai Mall, our flagship asset."
During the first-half of 2015, Emaar Malls also marked the launch of its new community malls brand, 'The Souk.' The first under the portfolio is The Ranches Souk in Arabian Ranches II, one of the city's most sought-after residential destinations.
- business@khaleejtimes.com