Emaar Malls announces rise in revenue and new destinations

Emaar

Emaar Malls has announced a 5 percent rise in revenue in 2019. The company has also teased new developments with retailtainment attractions and provided an update on occupancy and footfall at its destinations.

Emaar Malls recorded a 5 percent increase in revenue to AED 4.673 billion ($1.272 billion), compared to AED 4.446 billion ($1.210 billion) in 2018.

Overall net profit in 2019 was AED 2.286 billion ($622 million), compared to AED 2.230 billion ($607 million) in 2018.

In Q4 2019, revenue increased by 4 percent to AED 1.261 billion ($343 million) compared to same period in 2018.

In 2019, Emaar also fully acquired Namshi, the regional e-commerce fashion and lifestyle platform, which reported sales in Q4 2019 of AED 339 million ($92 million).

This is an increase of 40 percent compared to Q4 2018. During 2019, Namshi recorded sales of more than AED 1 billion ($280 million), an increase of 21 per cent compared to 2018.

Emaar Malls welcomed 136 million guests in 2019

As for occupancy and footfall, The Dubai Mall, Dubai Marina Mall, Gold & Diamond Park, Souk Al Bahar and the Community Retail Centres welcomed around 136 million visitors collectively in 2019.

The Dubai Mall welcomed 84 million visitors in 2019.

Mohamed Alabbar, chairman of Emaar and board member of Emaar Malls, said: “2019 was a great year for Emaar Malls with occupancy and visitor levels growing steadily.

“This uptick is a result of our continuous innovation as we refresh the customer journey, diversify our portfolio and invest in opportunities to bring our destinations to life.

“Examples of this include the recently opened Zabeel Extension at The Dubai Mall and the complete acquisition of Namshi, both of which contributed to our achievements in 2019.

“We expect to see this success continue through 2020, as we focus on loyalty programs to drive repeat visits and open new destinations to welcome inbound tourism driven by Expo 2020.”

Dubai Hills Mall and Time Out Market Dubai

Emaar is also opening the Dubai Hills Mall in Dubai Hills Estate in Q4 2020. The retail attraction will have 2 million square feet of space with nearly 550 retail and entertainment destinations.

These include four major family entertainment centres (FEC), a Cineplex, hypermarket, and seven anchor retail experience stores.

In addition, Emaar Malls has partnered with Time Out to open the first Time Out Market in the region at Souk Al Bahar in Dubai, an Arabic-style retail, entertainment and dining destination.

Time Out Market Dubai, scheduled to open in Q4 2020, will boast food from 16 of Dubai’s top chefs and restaurateurs, as well as three lounges and cultural experiences.