Emaar Malls records AED 3.5 billion 2020 revenue

Emaar Malls records AED 3.5 billion 2020 revenue

Emaar Malls recorded revenue of AED 3.508 billion (US$ 955 million) in 2020, the company announced. Overall net profit in 2020 amounted to AED 704 million (US$ 192 million).

Commenting on the results of the full-year results of 2020, Mohamed Alabbar, Founder of Emaar Properties and Emaar Malls said:

“Emaar Malls has emerged from 2020 in a much stronger position, having faced some of the most challenging business conditions in a generation. Our wonderful achievements in the past, strengthened by our more recent strategic investments in a digital future, have meant that we were able to quickly adapt and introduce changes that will help us grow and succeed long after the pandemic passes.

We continue to see guests returning to our malls in greater numbers, and we expect this positive trend to continue in the year ahead, strengthened by the support we receive from our leaders in Dubai and the UAE, and their world-leading rollout of vaccines in the country.”

Namshi, the regional e-commerce fashion and lifestyle platform recorded sales of AED 1.316 billion (US$ 358 million) increasing 28 per cent compared to the previous year. Namshi’s strong performance is attributed to its continual growth in Saudi Arabia, increase of 283 brands on the platform and providing customer with latest trends.

Occupancy levels across Emaar Malls’ assets – The Dubai Mall, Dubai Marina Mall, Gold & Diamond Park, Souk Al Bahar and the Community Retail Centres – remained resilient during 2020 at 91 per cent.

To support the financial wellbeing of Emaar’s retail tenants and to protect its SMEs, Emaar Malls provided more than AED 1 billion (US$ 272 million) as part of their flexible rental relief policy in the early stages of the global pandemic. To ensure continuous support throughout 2020, this policy was extended at the start of each subsequent quarter and will continue until at least 31 March 2021.

Launched in December 2020, Foundry is a hybrid progressive art space in Downtown Dubai includes a co-working environment, a creative library, podcast room and a café. The space – which is free to visit – offers an annual programme of exhibitions, workshops and talks, and aims to engage and entertain the local creative community.

Emaar Malls redeveloped the Meadows Village Mall to increase its GLA by approximately 95,000 sq. ft. The spacious expansion incudes a supermarket and multiple new F&B and retail outlets serving the residents of The Meadows, The Springs and Emirates Living communities.

Dubai South Village, a community mall that serves the daily necessities to the neighbourhood, opened in November 2020. The anchor tenant will be joined by more exciting retail and F&B outlets later this year.

Downtown Kitchens, a new crafted artisanal market hall, opened its doors in Downtown Dubai on 6 January 2021. The new culinary community that boasts a space of 195,000 sq. ft, will soon offer over 30 world-class concepts from home grown and international talent.

Emaar Malls’ partnership with Time Out Group PLC will see the opening of the region’s first Time Out Market in Souk Al Bahar in Q1 2021.

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© The Arabian Post

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