May 7 Emaar Malls Group:* Q1 net profit 539 million dirhams versus 529 million dirhams year ago* Has leasable area of about 6 million sq. ft. GLA* Developing retail precincts in Dubai Hills Estate and Dubai Creek Harbour Source text for Eikon: Further company coverage: )
ft. in Dubai, another 1 million sq.
ft. of built up area will be added with ongoing expansion of Dubai Mall’s fashion avenue* Developing Boulevard and new retail addition under its souk concept in springs village with over 245,000 sq.
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Emaar Malls first-quarter profit steady
Emaar Malls said that occupancy levels across Emaar Malls’ assets averaged 96 per cent during the first three months of the year.
“We are committed to driving the growth of the malls and retail sector through our assets, and to provide customer-centric experiences by leveraging digital technologies,” said Mohamed Alabbar, the chairman of Emaar Malls and Emaar Properties.
“This is Emaar Malls slowest year-on-year growth rate since the first quarter of 2015,” said Mai Attia, an analyst at Cairo-based EFG Hermes Securities Brokerage.
The net profit results beat analysts’ estimates, of an average of Dh528m, compiled by Bloomberg.
Net profit at Emaar Malls remained nearly static during the first three months of the year compared with a year earlier as rents remained flat in some of Dubai’s most popular shopping destinations.
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Dubai: Emaar Malls, the retail subsidiary of Emaar Properties, reported a net profit of Dh539 million in the first quarter compared to Dh529 a year ago.
The gross leasable area (GLA) occupancy levels across Emaar Malls’ assets averaged 96 per cent during the first quarter.
The assets of Emaar Malls — The Dubai Mall, Dubai Marina Mall, Souk Al Bahar, Gold & Diamond Park and community shopping centres — together welcomed over 34 million visitors in the first three months of the year, an increase of 10 per cent over the same period in 2016.