Emaar Malls (DFM: EMAARMALLS), the shopping malls and retail business majority-owned by Emaar Properties PJSC (DFM: EMAAR), recorded a net profit of AED 548 million (US$ 149 million) during the first quarter (January to March) of 2018, similar to the net profit of AED 539 million (US$ 147 million) in Q1 2017.

Revenue for the first three months of 2018 was AED 1.038 billion (US$ 283 million), 24 per cent higher than the Q1 2017 revenue of AED 836 million (US$ 228 million), primarily due to the consolidation of Namshi revenue in 2018. Highlighting its focus on value creation for shareholders, at its third Annual General Meeting held in April, Emaar Malls approved a cash dividend of AED 1.301 billion (US$ 354 million), equivalent to 10 per cent of share capital, for the third consecutive year.

Across the assets of Emaar Malls – including The Dubai Mall, Dubai Marina Mall, Souk Al Bahar, Gold & Diamond Park and community shopping centres – gross leasable area (GLA) occupancy levels were robust at 95 per cent. Together these retail destinations welcomed over 35 million visitors in Q1 2018, a growth of 3 per cent over the same period in 2017. The Dubai Mall alone welcomed 21 million visitors.

Mohamed Alabbar, Chairman of Emaar Properties and Board Member of Emaar Malls, said: “We have been shaping the retail sector of Dubai by building world-class retail and leisure destinations as well as ensuring that they offer retail choices that meet the aspirations of today’s tech-savvy youth. We will continue to implement innovative approaches that bring back the charm of retail as a family activity, with a focus on delighting our customers, bringing digital innovation and driving deep customer personalisation and efficiency.”

Further underlining its reputation as the luxury retail hub of the region, The Dubai Mall marked the opening of its expanded Fashion Avenue – which has the largest collection of renowned global brands under one roof. The newly expanded Fashion Avenue adds circa 600,000 sq. ft. GLA with a total built-up area of 1 million sq. ft. Bringing more than 150 luxury brands and several innovative attractions, the Fashion Avenue continues to be the must-visit destination for the trend-setters.

Highlighting the successful growth of Namshi, acquired by Emaar Malls on August 16, 2017, the online fashion retailer recorded sales of AED 176 million (US$ 48 million) in Q1 2018, an increase of 23 per cent compared to the same period in 2017.

Emaar Malls has a gross leasable area of over 6.4 million sq. ft. in Dubai, and has commenced work on The Dubai Mall’s Mohammed bin Rashid Boulevard expansion that will link to both Mohammed bin Rashid Boulevard as well as its Fountain Views and Zabeel expansions of the mall.

Emaar has also launched Dubai Hills Mall, a family retail district in Dubai Hills Estate, with construction progressing at a rapid pace. It will have a GLA of about 2 million sq. ft., and will feature about 650 retail outlets including ‘fast fashion’ retail stores, restaurants and cafés. The Dubai Hills Mall will have four major family entertainment and leisure centres as well as a cineplex, hypermarket, seven anchor retail experience stores, and dedicated parking spaces for over 7,000 vehicles.

Emaar is launching an innovative concept in retail at Dubai Creek Harbour, which is set to redefine the global retail industry. The retail destination will be linked to Dubai Creek Tower, the new global icon taking shape in Dubai Creek Harbour. A new retail addition under Emaar Malls’ ‘The Souk’ concept is also being developed in the Springs Village with over 245,000 square feet GLA and expected to open in Q2 2018.