Emaar Malls approves Dh1.3 billion dividend in 2015

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Emaar Malls approves Dh1.3 billion dividend in 2015
The annual general assembly approved the amendment of the name of the company from Emaar Malls Group to Emaar Malls.

Dubai - Shareholders okay board proposal to distribute 10 per cent of the share capital

By Staff Report

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Published: Tue 19 Apr 2016, 8:05 PM

Last updated: Tue 19 Apr 2016, 10:10 PM

The first annual general meeting of Emaar Malls approved the proposal of the board to distribute 10 per cent of the share capital, equivalent to Dh1.301 billion, as cash dividend for shareholders.

The assembly also approved the amendment of the name of the company from Emaar Malls Group to Emaar Malls, and appointed Ernst & Young as auditors for 2016. The meeting approved the report of the board of directors on the activities and financial position of the company for year ended December 31, 2015.

Mohamed Alabbar, chairman of Emaar Malls and Emaar Properties, said: "Emaar Malls is a significant contributor to Dubai's retail sector, which today accounts for nearly 30 per cent of the total GDP. Emaar Malls is positioned at the top of the league in the growth of Dubai's retail sector, and our strategy is to further expand our business by creating iconic retail destinations for visitors from around the world.

"This complements the Dubai Plan 2021 strategy announced by His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to create vibrant, active and globally distinctive outlets that establish Dubai as the preferred place to work, live and visit," he said.

Alabbar said the highlight of Emaar Malls' expansion strategy is the launch of a dedicated retail district in Dubai Creek Harbour that will be linked to the new tower. The retail district will offer additional lifestyle choices for the 2.5 billion plus people, especially high net worth individuals.

"Having welcomed over 80 million annual visitors for two consecutive years, The Dubai Mall will also continue to be a strong contributor to our recurring revenues."

Emaar Malls has a gross leasable area of about six million sq ft. This is being expanded with the ongoing addition of another one million sq ft built-up area at The Dubai Mall's Fashion Avenue. This will add another 150 leading international and local brands to the mall.

In 2015, Emaar Malls recorded a net profit of Dh1.656 billion while rental income was Dh2.992 billion. Rental income recorded a growth of 11 per cent to Dh2.992 billion, compared to Dh2.694 billion in FY2014.

Visitor arrivals across all Emaar Malls assets crossed 124 million in 2015, an increase of nine per cent compared to 2014, with The Dubai Mall accounting for 80 million annual visitors, once again clinching the honour as the world's most-visited shopping and leisure destination.
Occupancy levels at the assets of Emaar Malls reached 96 per cent in 2015, while base rent renewal rates clocked an increase of 25 per cent for leases renewed during 2015.
- business@khaleejtimes.com


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