Gulf In Focus - GULF STATES- ECONOMICS and FINANCE - Emaar malls records 7pc growth in q1.

Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties, recorded an increase in net profit by 7 per cent to Dh584 million during the first quarter of 2019, compared to the net profit of Dh548 million, during the first-quarter of 2018.

Revenue for the first three months of 2019 reported a growth of 4 per cent to Dh1.075 billion ($ 293 million), compared to Q1 2018 revenue of Dh1.038 billion. The growth of Emaar Malls was underlined by the strong performance of its shopping mall assets including The Dubai Mall, Dubai Marina Mall, and the Community Retail Centres.

At its fourth Annual General Meeting, Emaar Malls approved a cash dividend of Dh1.301 billion ($354 million), equivalent to 10 per cent of share capital, for the fourth consecutive year, highlighting the company's commitment to sustained value creation for its shareholders.

These assets maintained strong occupancy levels at 92 per cent, and robust visitor arrivals at 36 million, 3 per cent higher than 35 million visitors during Q1 2018. The visitor footfall to The Dubai Mall, which welcomed over 80 million annual visitors for the past five consecutive years, was 22 million during the first three months of this year. This was supported by the growth in tourist arrivals to Dubai and increased frequency of visit by local residents.

In a key growth initiative that underpins its omnichannel retail strategy, Emaar Malls fully acquired Namshi, the leading regional fashion e-commerce retailer. This follows the group acquiring the remaining stake of Global Fashion Group (GFG) in Namshi...