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Emaar Malls reports Dh1 billion net profit in H1 2017

Emaar Malls said it recorded a net profit of Dh1.021 billion in the first half of 2017, reflecting an increase of three per cent over the corresponding period last year.

In a statement, the shopping malls and retail business majority owned by Emaar Properties reported Dh1.624 billion revenue during the January-June 2017 period compared to Dh1.618 billion in the same period last year.

Emaar Malls' net profit during the second quarter (April to June) of 2017 rose five per cent to Dh482 million from Dh458 million in the same quarter last year.
Emaar Mall assets - The Dubai Mall, Dubai Marina Mall, Souk Al Bahar, Gold & Diamond Park and community shopping centres - welcomed over 65 million visitors during the first six months of the year, an increase of seven per cent over H1 last year at 61 million.

The Dubai Mall, the flagship asset of Emaar Malls, recorded a visitor footfall of 39 million in H1 2017. With a gross leasable area (GLA) of six million sqft, GLA occupancy levels across Emaar Malls' assets averaged 95 per cent during the first half of 2017.

Mohamed Alabbar, chairman of Emaar Malls and Emaar Properties, said retail is a key contributor to the national economy, and with the fast-evolving changes in the sector, "we are marking strategic expansions and investments to create sustained value for our stakeholders".

"The strong performance of Emaar Malls is highlighted by the diversity of retail choices and leisure attractions at our malls. In addition to new retail districts that we are developing in Dubai, we will continue to invest in next-generation technology to transform the retail and shopping mall experience for our visitors, including families and tech-savvy youth."

The company distributed 10 per cent of its share capital, equivalent to Dh1.301 billion, as cash dividend to its shareholders earlier this year.

Emaar Malls entered an agreement to acquire 51 per cent stake in Namshi, an online fashion retailer in the Middle East, and formed a partnership with fashion e-commerce platform Global Fashion Group to accelerate Namshi's development in the region. Emaar Malls will support the company to access additional fashion brands, develop its logistics infrastructure and expand its geographical footprint.

In key growth initiatives, the expansion of Fashion Avenue in The Dubai Mall, which will have another one million sqft of built-up area delivering over 600,000 sq ft GLA, is in the final stages. This will add over 150 international brands, F&B and leisure outlets to The Dubai Mall. 

Emaar Malls is also developing a new retail addition under 'The Souk' concept in the Springs Village with over 245,000 sqft GLA and it is also building the Boulevard expansion.

Emaar is developing a new retail district in Dubai Creek Harbour and is also planning The Dubai Mall's Fountain Views and Zabeel expansions in addition to building a mall, community retail areas and a boutique mall for high-end brands in Dubai Hills Estate, the 11 million sqm master-planned community.