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Emaar Malls nine-month net profit up 16pc

DUBAI, November 7, 2016

Emaar Malls, the shopping malls and retail arm of global property developer Emaar Properties, has recorded a net profit of Dh1.42 billion ($387 million) during the first nine months, up 16 per cent compared to Dh1.22 billion ($332 million) last year.

The total revenue for the first nine months surged 10 per cent to Dh2.39 billion ($651 million) over last year's revenue of Dh2.17 billion ($591 million), reported the state news agency Wam.

Sustaining positive growth through the third quarter (July to September) 2016, the company's net profit soared to Dh435 million ($118 million) from Dh376 million ($102 million) the year before.

Revenues also grew in the third quarter to Dh774 million ($211 million), posting an increase of eight per cent over Dh720 million ($196 million) fore the same period the previous year.

The assets of Emaar Malls are sought after by retailers, with gross leasable area (GLA) occupancy levels across all assets averaging 96 per cent during the first nine months of 2016 similar to the levels last year, the report added.

On the performance, Mohamed Alabbar, the chairman of Emaar Malls and Emaar Properties, said: "Having set a track record in delivering retail and leisure experiences, Emaar Malls is charting a new growth strategy. This is underpinned by the expansion of The Dubai Mall and the development of mega-retail precincts in Dubai Creek Harbour and Dubai Hills Estate."

"The robust economic environment of Dubai, 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, catalyses the retail sector of the city," stated Alabbar.

"We will continue to develop iconic retail and leisure destinations in Dubai and key international markets to create long-term value for our stakeholders," he added.




Tags: Dubai | profit | Emaar Malls |

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