Dubai: Emaar Malls approves AED1.3bn dividend for shareholders
The third annual general meeting (AGM) of Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties, approved the distribution of cash dividends to shareholders amounting to AED1.3bn, representing 10% of the share capital for 2017.
The Emaar Malls AGM also approved the report by the board of directors on the activities and financial position of the Emaar Malls, the auditors report, and balance sheet for 2017. Ernst & Young was appointed as the auditor for the year 2018.
Mohamed Alabbar, chairman of Emaar Properties and board member of Emaar Malls, said: We are thankful to our shareholders for their support and trust in us, as we continue to focus on creating long-term value for them through our next-generation malls. Today, the key to ensuring the sustained growth of malls is to reinvent themselves with a focus on the aspirations of a new generation of customers. In addition to leveraging digital technology to enhance the customer experience at The Dubai Mall, we aim to redefine the future of retail through our innovative new shopping, leisure and lifestyle destinations in Dubai Hills Estate and Dubai Creek Harbour.
Emaar Malls recorded a net profit of AED2.08bn in 2017, 11% higher than 2016. Revenue for full-year 2017 was AED3.6bn, a growth of 12%. Gross Leasable Area (GLA) occupancy levels across Emaar Malls assets averaged 94% during 2017.
Together, the malls and retail centres of Emaar Malls welcomed 130 million visitors in 2017, 4% higher than in 2016. The Dubai Mall, the flagship retail and leisure destination of Emaar Malls, welcomed 80 million visitors in 2017, for the fourth consecutive year, further establishing its reputation as the worlds most visited retail and lifestyle destination.
Continuing to build its portfolio, Emaar has announced the launch of the Dubai Hills Mall, a family retail district in Dubai Hills Estate. It is scheduled to open in late 2019, featuring more than 750 retail outlets including an array of fast fashion retail stores, restaurants, and cafés.
Emaar Malls recently opened the expanded Fashion Avenue in The Dubai Mall, that adds 150 new luxury outlets, and has commenced work on The Dubai Malls Mohammed bin Rashid Boulevard expansion, which will serve as an active link to both Mohammed bin Rashid Boulevard as well as its Fountain Views and Zabeel expansions.