Emaar Malls, the shopping malls and retail business of Emaar Properties, has approved the distribution of cash dividends amounting to Dh1.3 billion ($353.9 million), representing 10 per cent of the share capital for 2017.

Emaar Malls, the shopping malls and retail business of Emaar Properties, has approved the distribution of cash dividends to shareholders amounting to Dh1.3 billion ($353.9 million) for 2017 at the third Annual General Meeting (AGM) in Dubai, UAE.

This represents 10 per cent of the share capital being 10 fils per share, reported Emirates news agency Wam.

The Emaar Malls AGM also approved the report by the Board of Directors on the activities and financial position of the Emaar Malls, the Auditor’s report, and balance sheet for 2017. Ernst & Young was appointed as the Auditor for the year 2018.

Mohamed Alabbar, chairman of Emaar Properties and Board Member of Emaar Malls, said: "We are thankful to our shareholders for their support and trust in us, as we continue to focus on creating long-term value for them through our next-generation malls.

“Today, the key to ensuring the sustained growth of malls is to reinvent themselves with a focus on the aspirations of a new generation of customers. In addition to leveraging digital technology to enhance the customer experience at The Dubai Mall, we aim to redefine the future of retail through our innovative new shopping, leisure and lifestyle destinations in Dubai Hills Estate and Dubai Creek Harbour."

Emaar Malls recorded a net profit of Dh2.080 billion ($566 million) in 2017, 11 per cent higher than 2016. Revenue for full-year 2017 was Dh3.629 billion ($988 million), a growth of 12 per cent. Gross Leasable Area (GLA) occupancy levels across Emaar Malls assets averaged 94 per cent during 2017.

Together, the malls and retail centres of Emaar Malls welcomed 130 million visitors in 2017, 4 per cent higher than in 2016. The Dubai Mall, the flagship retail and leisure destination of Emaar Malls, welcomed 80 million visitors in 2017, for the fourth consecutive year, further establishing its reputation as the world’s most visited retail and lifestyle destination.