Built to inform

Sign up for the daily newsletters

No, Thank you

Emaar Malls posts 23% rise in net profit for 2015

Emaar Malls occupancy levels increased to reach 96% in 2015, while base rent renewal rates clocked an increase of 25% for leases renewed during 2015

Visitors arrival across all Emaar Malls assets crossed the landmark 124 million in 2015.
Visitors arrival across all Emaar Malls assets crossed the landmark 124 million in 2015.

Emaar's mall subsidiary, Emaar Malls recorded a net profit of $451m (AED1.6bn) for 2015, which is 23% higher than 2014.

The rental income recorded a growth of 11% to $815m (AED2.9bn), compared to $733m (AED2.6bn) in 2014.

Net profit during the fourth quarter of 2015 $118m (AED435m), which is 16% higher than the third quarter 2015 net profit of $102m (AED376m).

Continuing the healthy trend, Emaar Malls occupancy levels increased to reach 96% in 2015, while base rent renewal rates clocked an increase of 25% for leases renewed during 2015.

Visitors arrival across all Emaar Malls assets crossed the landmark 124 million in 2015, an increase of 9% compared to 2014, with The Dubai Mall accounting for 80 million annual visitors.

Mohamed Alabbar, chairman of Emaar Malls and Emaar Properties, said: “The retail sector is a key contributor to Dubai’s GDP, and Emaar Malls assets mark a significant contribution to defining our city as must-visit destination for retail and leisure. The Dubai Mall, our trophy asset, is today the first choice for luxury retail for high net worth individuals from a wider catchment area of the Middle East, Africa, South Asia and China, thus serving over 2.5 billion people. The robust performance of all our mall assets underline our commitment to sustained value creation for our stakeholders.”

Emaar Malls has a gross leasable area of about 6 million sqft, which is being expanded with the ongoing addition of another 1 million sq ft built-up area at The Dubai Mall’s Fashion Avenue. It will add another 150 international and local brands to the mall, adding more choice to visitors.
 

Most popular

Awards

New category open for consultancies at CW Awards 2019 in Dubai
Sub-Consultancy of the Year to be crowned for the first time at the gala ceremony

Conferences

Leaders UAE 2019: Pinsent Masons confirmed as Gold Sponsor
Law firm is among the major construction industry players confirmed as sponsors for Leaders UAE's
Leaders in Construction UAE Summit returns in Sept 2019
Dubai conference to see top officials discuss the people, trends, and challenges that will power

Latest Issue

Construction Week - Issue 745
Jun 30, 2019