The fourth Annual General Meeting (AGM) of Emaar Malls (DFM: EMAARMALLS), the shopping malls and retail business majority-owned by Emaar Properties (DFM: EMAAR), approved the distribution of AED 1.301 billion (US$ 354 million) dividend, representing 10 per cent of the share capital being 10 fils per share, to the shareholders.
The meeting also approved the report by the Board of Directors on the activities and financial position of the Emaar Malls, the Auditor’s report, and the company’s balance sheet for 2018. KPMG was appointed as the auditor for 2019.
Mohamed Alabbar, Chairman of Emaar Properties and Board Member of Emaar Malls, said: “Emaar Malls has consistently outperformed the market and continues to drive the growth of Dubai’s retail sector, supported by the robust fundamentals of the economy. By creating urban lifestyle destinations that integrate omnichannel retail and leisure, Emaar Malls is among the top choice for global retailers to strengthen their business. We are thankful to our shareholders for their trust in us, which inspires us to develop innovative unique destinations that will shape the future of retail in Dubai.”
One of the world’s largest mall operators with a total gross leasable area of 6.7 million square feet, Emaar Malls recorded full-year 2018 net profit of AED 2.230 billion (US$ 607 million), a growth of 7 per cent over 2017. Revenue for FY 2018 was AED 4.446 billion (US$ 1.210 billion), 23 per cent higher than in 2017.
The Dubai Mall, the flagship assets of Emaar Malls, marked a milestone in 2018, celebrating its tenth anniversary and opening the Fashion Avenue expansion. With the addition of over 150 new retail outlets as part of the Fashion Avenue expansion, the mall now has over 1,350 retailers and 170 plus F&B choices.
As part of its omnichannel retail strategy, Emaar Malls fully acquired Namshi, the leading regional fashion e-commerce retailer this year. This follows the Group acquiring the remaining stake of Global Fashion Group (GFG) in Namshi, in an all-cash transaction of AED 475.5 million (Euro 114.3 million; US$ 129.5 million).
Among upcoming projects of Emaar Malls include Dubai Square, which integrates indoor and outdoor retail, and to be be linked to the Dubai Creek Tower, the new global icon taking shape in Dubai Creek Harbour. Emaar Malls has also commenced work on The Dubai Mall’s Fountain Views and Zabeel extensions that link The Dubai Mall to the Sheikh Mohammed bin Rashid Boulevard and Financial Centre Road respectively. Both extensions will open in the coming months.
Emaar is set to open Dubai Hills Mall, a family retail district in Dubai Hills Estate next year, which will offer a GLA of about 2 million sq. ft.In Community Retail Centres, Emaar Malls is redeveloping Meadows Village to increase its GLA by approximately 75,000 sq. ft. It is scheduled for completion in late 2019.
