Emaar Malls, the retail unit majority-owned by Emaar Properties, recorded an increase in net profit by 3% during the first six months of 2019 to AED1.130 billion ($308 million).
Revenues for the first half rose 6% to AED2.227 billion, the company said, adding that the second quarter saw an 8% increase to AED1.152 billion compared to the same period last year.
Emaar Malls has announced a cash dividend of AED 1.301 billion, equivalent to 10% of its capital for the fourth consecutive year.
The assets of Emaar Malls – Dubai Mall, Dubai Marina Mall, Gold & Diamond Park, Souk Al Bahar and retail outlets – registered visitor bookings of 68 million during the first six months of this year, up 2% over the same period last year.
Dubai Mall, the world’s most retail and lifestyle destination, received 41 million visitors in the first half, up 2% while occupancy in all assets reached 92% in the first half of 2019.
Mohammed Alabbar, Chairman, Emaar Properties, said that their strategy is to offer exceptional retail options to all visitors. The positive performance reflects the customer-oriented asset mix that makes shopping malls and destinations popular with all, as well as the growth in the number of tourists to Dubai today, a global hub for tourism and business.
Emaar Malls said it plans to further strengthen its retail infrastructure with new extensions of The Dubai Mall – Zabeel and Fountain Views – scheduled to open this year.
These extensions link the mall to the Financial Centre Road and Sheikh Mohammed bin Rashid Al Boulevard, respectively, and will add 4,500 parking spaces.
Dubai Hills Mall, the new asset under Emaar Malls, will open in 2020 in Dubai Hills Estate, which will offer a retail area of about 2 million sq ft and feature about 550 retail and entertainment destinations.
Emaar Malls is also redeveloping Meadows Village to increase its space by approximately 95,000 sq ft and is scheduled for completion in 2020.