Emaar Malls crosses Dh1.070b profits as shoppers return

Emaar Malls crosses Dh1.070b profits as shoppers return

Emaar Malls has registered a net profit of Dh1.070 billion ($291 million) and Dh3.191 billion ($869 million) revenue during the first nine months of 2021 as shoppers returned to the malls after ease in restrictions and rapid rollout of vaccination drive in the country.

Emaar Malls earned a net profit of Dh448 million ($122 million) and Dh1.143 billion ($311 million) revenue during the July-September period.

Emaar Mall’s e-commerce fashion and lifestyle platform, Namshi, a wholly owned subsidiary, recorded sales of Dh320 million ($87 million) for the third quarter.

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

Upcoming developments

Scheduled to open in first quarter of 2022, Emaar’s Dubai Hills Mall will feature up to 600 outlets, including an array of retail stores, restaurants and cafés. The mall boasts a gross leasable area of 2 million sqft, together with four major family entertainment and leisure centres, as well as a cineplex, hypermarket, multiple anchor retail stores, an indoor roller coaster and dedicated parking for over 7,000 vehicles.

With more shoppers returning to retail settings, Emaar Malls has initiated an impressive range of additional programmes that the whole family can benefit from and enjoy. With the exciting Zabeel Sports District, a unique indoor sporting facility, due to open in November 2021 on the rooftop of The Dubai Mall Zabeel, Emaar Malls is committed to providing exceptional experiences for all guests across its destinations.

In a statement, Emaar said,  

“Shoppers can also look forward to the region’s first Chinatown, which is expected to open at The Dubai Mall in the second half of 2022. Chinatown will feature a plethora of authentic Chinese brands, as well as variety of food and beverage outlets that appeal to all shoppers,”

News Source: Khaleej Times

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