Emaar Malls’ net profits and revenues both increased during the first half of 2018 despite ongoing concerns about Dubai’s retail sector.
Net profit grew by 8 per cent to AED1.102bn ($300m) during the first half of this year, compared to AED1.021bn of net profit for the same period of 2017.
Revenues for the first six months of 2018 increased by 29 per cent to AED2.103bn, compared to AED1.624bn during the first half of 2017.
During the second quarter of the year from April to June, net profit was AED554m, 15 per cent higher than the net profit of AED482m for the same period last year. Revenue during the second quarter of this year was AED1.065bn, 35 per cent higher than the second quarter 2017 revenue of AED788m.
Emaar Malls, the shopping malls and retail business majority-owned by local developer Emaar Properties, has added to its portfolio this year. It has inaugurated the expansion of The Dubai Mall Fashion Avenue, which added over 150 international brands, as well as The Springs Souk, a community centre with a wide choice of leisure attractions - leaving a total gross leasable area (GLA) of 850,000 square feet.
With these additions, Emaar Malls has a GLA of over 6.7 million square feet in Dubai. Emaar Malls says the occupancy across its portfolio was 93 per cent during the first half of 2018.
Emaar’s next major retail destination is the Dubai Square retail district at Dubai Creek Harbour.
On 24 July, Dubai Holding and Emaar Properties launched Dubai Square as a retail destination that will incorporate online and in-mall shopping.
Dubai Square will be linked directly to the Dubai Creek Tower and will have over 750,000 square metres (8.07 million square feet) of gross floor retail space. It will also include the Middle East’s largest of its kind Chinatown.
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