Emaar Malls approves rebrand & $354m 2015 dividend
Chairman Mohamed Alabbar speaks out on his global expansion strategy for Emaar Malls, which will be renamed following an amendment approved at an annual general meeting
Emaar Malls, the shopping malls and retail business majority-owned by developer Emaar Properties, approved a board proposal to distribute 10% of the share capital as cash dividend.
Dividends worth $354m (AED1.3bn) will be distributed to shareholders, it was decided during an annual general meeting (AGM).
The assembly also approved the amendment of the company's name from Emaar Malls Group to Emaar Malls, and appointed Ernst & Young as auditors for the year 2016.
In 2015, Emaar Malls recorded a net profit of $451m (AED1.65m), while its rental income was $815m (AED2.9bn).
The latter grew by 11% over 2014 figures of $733m (AED2.69m).
Visitor arrivals across all Emaar Malls assets grew by 9% over 2014, to 124 million in 2015.
Dubai Mall alone accounted for 80 million annual visitors.
Remarking on the figures, Mohamed Alabbar, chairman of Emaar Malls and Emaar Properties, said: "Emaar Malls is a significant contributor to Dubai’s retail sector, which today accounts for nearly 30% of the total GDP.
"Our strategy is to further expand our business by creating iconic retail destinations for visitors from around the world."
Alabbar said that the highlight of the Emaar Malls expansion strategy is the launch of the Retail District in Dubai Creek Harbour, which will be linked to the $1bn (AED3.67bn) Dubai Creek Harbour tower.
Emaar Malls currently has a gross leasable area of six million sqf, and this is being expanded with the ongoing construction of another one million sqf built-up area at The Dubai Mall’s Fashion Avenue.