Emaar Malls, a branch of Emaar Properties, recently reported a net profit of $118 million during the first quarter of 2015, a 32 percent increase over the same period last year when the company reported profits of $90 million.
“Following its successful IPO and listing on the Dubai Financial Market, Emaar Malls is now focused on its next level of growth through aggressive expansion in Dubai and international markets,” Mohamed Alabbar, chairman of Emaar Malls and Emaar Properties, said. “Our malls business is a strong contributor to Emaar’s recurring revenues, and we are committed, more than ever, to creating sustained value to our stakeholders through innovative approaches to retail, leisure and entertainment.”
Emaar Malls owns the Dubai Mall, which is the largest entertainment and retail destination in the world. More than 31 million people visited the Dubai Mall during the first quarter of 2015, which is a 7 percent increase over the first quarter of 2014.
“The robust performance of Emaar Malls assets in Dubai during the first quarter was led by the positive growth of the city’s retail sector, which was catalyzed by the Dubai Shopping Festival, the growth in tourism and round-the-year activation initiatives in The Dubai Mall,” Alabbar said. “We will continue to build on this positive momentum and focus on delighting visitors from around the world.”