iPhone | iPad
Android
Huawei
The group aims to expand geographically, most notably in Saudi Arabia and other markets, such as Egypt and Pakistan
KT APPDOWNLOAD
Emaar Malls records Dh1.070b profits as shoppers return
Emaar Mall’s e-commerce fashion and lifestyle platform, Namshi, a wholly owned subsidiary, recorded sales of Dh320 million ($87 million) for the third quarter
Occupancy levels across Emaar Malls’ assets — The Dubai Mall, Dubai Marina Mall, Gold & Diamond Park, Souk Al Bahar, and the Community Retail Centres — remained 91 per cent during the quarter. — File photo
Emaar Malls has registered a net profit of Dh1.070 billion ($291 million) and Dh3.191 billion ($869 million) revenue during the first nine months of 2021 as shoppers returned to the malls after ease in restrictions and rapid rollout of vaccination drive in the country.
In a statement on Monday, Emaar Malls said it earned a net profit of Dh448 million ($122 million) and Dh1.143 billion ($311 million) revenue during the July-September period.
Emaar Mall’s e-commerce fashion and lifestyle platform, Namshi, a wholly owned subsidiary, recorded sales of Dh320 million ($87 million) for the third quarter.
Occupancy levels across Emaar Malls’ assets — The Dubai Mall, Dubai Marina Mall, Gold & Diamond Park, Souk Al Bahar, and the Community Retail Centres — remained 91 per cent during the quarter.
Upcoming developments
Scheduled to open in first quarter of 2022, Emaar’s Dubai Hills Mall will feature up to 600 outlets, including an array of retail stores, restaurants and cafés. The mall boasts a gross leasable area of 2 million sqft, together with four major family entertainment and leisure centres, as well as a cineplex, hypermarket, multiple anchor retail stores, an indoor roller coaster and dedicated parking for over 7,000 vehicles.
With more shoppers returning to retail settings, Emaar Malls has initiated an impressive range of additional programmes that the whole family can benefit from and enjoy. With the exciting Zabeel Sports District, a unique indoor sporting facility, due to open in November 2021 on the rooftop of The Dubai Mall Zabeel, Emaar Malls is committed to providing exceptional experiences for all guests across its destinations.
“Shoppers can also look forward to the region’s first Chinatown, which is expected to open at The Dubai Mall in the second half of 2022. Chinatown will feature a plethora of authentic Chinese brands, as well as variety of food and beverage outlets that appeal to all shoppers,” according to the statement.
— muzaffarrizvi@khaleejtimes.com
More news from Business
Key indicators slowed from June, missed forecasts; Youth unemployment touched record high in July; Property investment, sales fall, home price decline deepens; PBOC cuts key rates to revive credit demand
The food and beverages segment rose 3.9 per cent, mainly due to higher food prices and meat prices in particular, which rose as much as 5.1 per cent, according to the General Authority for Statistics
Kingdom Holding in February invested in global depository receipts of Gazprom and Roseneft worth SR1.37 billion ($365 million) and SR196 million ($52 million), respectively
Gross written contributions down marginally by 4.4 per cent from Dh420 million in first half of 2021 to Dh401.4 million in January-June 2022 with aggressive deleveraging and de-risking measures implemented
Robust business performance with gross written contribution of Dh574 million; Strong performance by subsidiaries in Egypt and Algeria, which achieved profitability growth of 64% YOY basis
More than 90 cross-functional teams participated in the challenge and DIFC FinTech Hive helped select the top 10 teams, matching them with fintech partners who worked over a six-week period to develop prototypes and present their pitch to a panel of experts from CBD’s leadership team
Providing institutional clients with global custody services, the expansion connects customers to a custodian network in 96 markets around the world and provides a leading digital platform for securi-ties services activities