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Emaar Malls reports full-year revenue of Dh3.5b for 2020

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Occupancy levels across Emaar Malls’ assets remained resilient during 2020

Occupancy levels across Emaar Malls’ assets remained resilient during 2020

Dubai - Emaar Malls opens new community projects – Foundry, Downtown Kitchens, Dubai South Village and expands Meadows Village by 95,000sqf

Published: Wed 10 Feb 2021, 5:46 PM

Emaar Malls, the shopping malls and retail business that’s majority-owned by Emaar Properties, recorded a revenue of Dh3.508 billion in 2020, while overall net profit in 2020 amounted to Dh704 million.

Mohamed Alabbar, founder of Emaar Properties and Emaar Malls, said: ““Emaar Malls has emerged from 2020 in a much stronger position, having faced some of the most challenging business conditions in a generation. Our wonderful achievements in the past, strengthened by our more recent strategic investments in a digital future, have meant that we were able to quickly adapt and introduce changes that will help us grow and succeed long after the pandemic passes. We continue to see guests returning to our malls in greater numbers, and we expect this positive trend to continue in the year ahead, strengthened by the support we receive from our leaders in Dubai and the UAE, and their world-leading rollout of vaccines in the country.”

Occupancy levels across Emaar Malls’ assets – The Dubai Mall, Dubai Marina Mall, Gold & Diamond Park, Souk Al Bahar and the Community Retail Centres – remained resilient during 2020 at 91 per cent. To support the financial wellbeing of Emaar’s retail tenants and to protect its SMEs, Emaar Malls provided more than Dh1 billion as part of their flexible rental relief policy in the early stages of the global pandemic. To ensure continuous support throughout 2020, this policy was extended at the start of each subsequent quarter and will continue until at least March 31, 2021.

Namshi, the regional e-commerce fashion and lifestyle platform, recorded sales of Dh1.316 billion increasing 28 per cent compared to the previous year. Namshi’s strong performance is attributed to its continual growth in Saudi Arabia, increase of 283 brands on the platform and providing customer with latest trends.

To support the UAE community and Dubai Government, The Dubai Mall officially opened a vaccination hub on January 25, 2021, vaccinating 6,030 people as of January 30, 2021. The MOHAP team has now introduced a convenient booking system for its customers to provide easy access and to ensure a safe experience for its visitors.

Launched in December 2020, Foundry is a hybrid progressive art space in Downtown Dubai includes a co-working environment, a creative library, podcast room and a café. The space – which is free to visit – offers an annual programme of exhibitions, workshops and talks, and aims to engage and entertain the local creative community. Emaar Malls redeveloped the Meadows Village Mall to increase its GLA by approximately 95,000sqf. The spacious expansion incudes a supermarket and multiple new F&B and retail outlets serving the residents of The Meadows, The Springs and Emirates Living communities.

Dubai South Village, a community mall that serves the daily necessities to the neighbourhood, opened in November 2020. The anchor tenant will be joined by more exciting retail and F&B outlets later this year.

Downtown Kitchens, a new crafted artisanal market hall, opened its doors in Downtown Dubai on January 6, 2021. The new culinary community that boasts a space of 195,000sf, will soon offer over 30 world-class concepts from home grown and international talent.

Emaar Malls’ partnership with Time Out Group will see the opening of the region’s first Time Out Market in Souk Al Bahar in Q1 2021. Visitors to the 43,000sqf venue will enjoy delicacies from some of Dubai’s top chefs, under one roof.

business@khaleejtimes.com



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