Emaar Malls 2014 net up 23% at Dh1.35bn

Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties, has recorded full-year 2014 net profit of Dh1.351 billion, 23 per cent higher than the net profit of Dh1.099 billion in 2013.

The company’s revenues totalled Dh2.708 billion, 13 per cent higher than Dh2.395 billion in 2013. Revenue from The Dubai Mall accounted for about 82 per cent of the total at Dh2.225 billion, an increase of 12 per cent compared to 2013.

Tenant sales across Emaar Malls portfolio was over Dh18 billion, an increase of 14 per cent compared to 2013. The total tenant sales in The Dubai Mall was Dh16 billion, accounting for nearly five per cent of Dubai’s gross domestic product in 2013, and 14 per cent higher than the 2013 sales of Dh14 billion.

Emaar Malls has a total GLA of about six million square feet and recorded a GLA occupancy rate of 95 per cent for 2014.

Mohamed Alabbar, Chairman of Emaar Malls and Emaar Properties, said: “The strong revenue growth recorded by Emaar Malls highlights Dubai’s clear emergence as the world’s premier shopping and leisure destination. The positive growth reflects the successful strategy outlined by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to establish the city as a global hub and year-round destination for business, tourism and fashion.”

He added: “In addition to contributing about 5 per cent of Dubai’s GDP through retail sales at The Dubai Mall, our shopping mall assets created sustained positive economic impact by attracting international retail investments, creating thousands of new jobs and supporting the city’s hospitality and aviation sectors. We will continue to focus on delivering innovative retail and leisure experiences to our visitors, adding consistent value to our shareholders.”

The company is currently expanding The Dubai Mall’s Fashion Avenue, adding one million square feet built up area.
 

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