Emaar Malls assets welcome 34m visitors in Q1

Dubai - The growth recorded by Emaar Malls reflects the credentials of Dubai as a leading retail and tourism hub.

Emaar Malls on Sunday said it recorded a net profit of Dh539 million in the first quarter of 2017, higher by 19 per cent over fourth quarter 2016 net profit of Dh452 million and similar to the net profit of Dh529 million during first quarter of 2016.
The assets of Emaar Malls - The Dubai Mall, Dubai Marina Mall, Souk Al Bahar, Gold & Diamond Park and community shopping centres - together welcomed over 34 million visitors in the first three months of the year, an increase of 10 per cent over the same period in 2016. The gross leasable area (GLA) occupancy levels across Emaar Malls' assets averaged 96 per cent during Q1 2017.
At its second Annual General Meeting held in April, Emaar Malls approved a cash dividend of Dh1.301 billion, equivalent to 10 per cent of share capital, for the second consecutive year.
Mohamed Alabbar, chairman of Emaar Malls and Emaar Properties, said the growth recorded by Emaar Malls reflects the credentials of Dubai as a leading retail and tourism hub, led by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
"The retail sector is a strong contributor to the nation's economy and it supports the economic diversification strategy of our leadership. We are committed to driving the growth of the malls and retail sector through our assets, and to provide customer-centric experiences by leveraging digital technologies. Through our ongoing expansion of our malls and by developing new retail precincts, we are focused on creating long-term value for our stakeholders as well as offering memorable retail and leisure experiences for residents and visitors to the UAE." 
Emaar Malls today has a gross leasable area of about 6 million square feet in Dubai. Another 1 million square feet of built up area will be added with the ongoing expansion of The Dubai Mall's Fashion Avenue, which will add more than 150 international brands as well as new F&B and leisure choices. Emaar Malls is also developing the Boulevard and a new retail addition under it's The Souk concept in the Springs Village with over 245,000 square feet GLA.
In addition, Emaar is developing dedicated retail precincts in Dubai Hills Estate and Dubai Creek Harbour, the Fountain Views and Zabeel expansion adjacent to The Dubai Mall, and expanding The Souk concept to Emaar's integrated developments.
- business@khaleejtimes.com