Emaar Malls (DFM: EMAARMALLS), the shopping malls and retail business majority-owned by Emaar Properties (DFM: EMAAR), recorded an internet earnings of AED 1.506 billion (US$ 410 million) during the initial nine months (January to September) 2017, a growth of 6 percent over the web profit of AED 1.422 billion (US$ 387 million) during the very same duration in 2016.
The overall revenue for the first 9 months of the year was AED 2.5 billion (US$ 681 million), which is 5 percent above the profits of AED 2.39 billion (US$ 651 million), during the very same period last year.
Emaar Malls finished the purchase of leading Middle East online style merchant Namshi on August 16, 2017, marking a turning point in its digital-oriented growth. Complying With Emaar Malls' procurement, Namshi recorded sales of AED 196 million during Q3 2017, an increase of 39 percent compared to the very same period in 2016.
Emaar Malls reported Q3 2017 earnings of AED 876 million (US$ 238 million), 13 percent above Q3 2016 profits of AED 774 million (US$ 211 million), added partly by the consolidation of Namshi revenue. Net profit was AED 485 million (US$ 132 million) during Q3 2017, an 11 percent growth as compared to Q3 2016. With a gross leasable area (GLA) of 6 million sq feet in Dubai, GLA occupancy levels across Emaar Malls' possessions balanced 95 percent throughout the initial nine months of 2017.
Underlining the sustained development of Emaar Malls assets, The Dubai Shopping Mall, Dubai Marina Mall, Souk Al Bahar, Gold & Ruby Park and community shopping center together invited over 95 million visitors during the first nine months of the year, an increase of 5 percent over the very same duration last year. The Dubai Mall remained to record strong visitor footfall at 58 million throughout the first nine months of this year, highlighting its credentials as the world's most visited retail and home entertainment destination.
Mohamed Alabbar, Chairman of Emaar Malls and Emaar Properties, said: "Emaar Malls achieved its growth via innovative initiatives that are targeted at boosting the site visitor and consumer experience. In addition to introducing innovative technologies that add value to customers and retailers, Emaar Malls is purchasing digital platforms to offer even more and varied options for individuals across multiple channels."
He added: "We are further strengthening the retail sector in Dubai to supply future-ready purchasing atmospheres with new tasks such as the committed high-end retail precinct in Dubai Creek Harbour. With the shifts in shopping patterns, it is very important to adopt innovative approaches, and we are focused on creating socially and culturally motivating areas for people. This will contribute to the goals of Dubai Strategy 2021, announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, to develop Dubai as the recommended place to live, work and visit.
Strengthening its malls portfolio in Dubai, Emaar has revealed the launch of 'Dubai Hills Shopping Mall,' a family retail district situated in the heart of Dubai Hills Estate. A regional retail and recreation destination scheduled to open up in late 2019, Dubai Hills Mall will certainly have a GLA of over 2 million sq ft. It will certainly be house to more than 750 outlets consisting of a variety of 'fast style' retail and F&B selections including a broad selection of restaurants and cafes.
The upcoming retail district in Dubai Creek Harbour will certainly be a prime center for luxury retail and recreation, linked straight to the Dubai Creek Tower, the new global icon. In various other growth campaigns, The Dubai Shopping center remains in the lasts of the expansion of Style Method to add 1 million sq feet of accumulated area and deliver over 600,000 sq ft GLA. The broadened Fashion Avenue will add over 150 international brand names, and F&B and leisure outlets.
Work has also commenced on the mall’s Mohammed bin Rashid Boulevard expansion that will certainly function as an active connect to both Mohammed bin Rashid Blvd and the shopping mall's Fountain Sights development. Emaar Malls is likewise carrying out the Zabeel expansion of The Dubai Shopping mall. Enhancing its portfolio of community shopping center, Emaar Malls is additionally developing a brand-new retail addition under its 'The Souk' concept in the Springs Village with over 245,000 sq feet GLA.