Gulf Construction Online - Emaar Malls’ 2019 revenue surges 5pc to $1.3bn

Real Estate

Emaar Malls’ 2019 revenue surges 5pc to $1.3bn

01 March 2020

Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties, has recorded a five per cent growth in its revenue for 2019 which surged to Dh4.67 billion ($1.27 billion) from the previous year’s figure of Dh4.45 billion.

The overall net profit for the year amounted to Dh2.286 billion, similar to Dh2.230 billion for 2018. Revenue grew by four per cent to Dh1.26 billion during the last quarter of 2019 (October to December) when compared to same period in 2018, Emaar Malls stated.

Occupancy levels within Emaar Malls assets – The Dubai Mall, Dubai Marina Mall, Gold & Diamond Park, Souk Al Bahar and the Community Retail Centres – were consistent at 92 per cent. In 2019, there were 136 million visitors collectively.

On the solid performance, chairman Mohamed Alabbar said: “2019 was a great year for Emaar Malls with occupancy and visitor levels growing steadily. This uptick is a result of our continuous innovation as we refresh the customer journey, diversify our portfolio and invest in opportunities to bring our destinations to life.”

“Examples of this include the recently opened Zabeel Extension at The Dubai Mall and the complete acquisition of Namshi, a regional e-commerce fashion and lifestyle platform), both of which contributed to our achievements in 2019,” stated Alabbar.

“We expect to see this success continue through 2020, as we focus on loyalty programmes to drive repeat visits and open new destinations to welcome inbound tourism driven by Expo 2020,” he added.

The developer is set to open Dubai Hills Mall in Dubai Hills Estate in Q4 2020; and is redeveloping Meadows Village, to increase its GLA by 95,000 sq ft, which is scheduled for completion in 2020.

Emaar Malls in partnershipwith Time Out Group is set to open first Time Out Market in the region at Souk Al Bahar in Q4 2020.