Emaar Malls increases net profit 37 percent in the first half of 2015

Emaar Malls, the Dubai-based shopping mall and retail subsidiary of developer Emaar Properties, recorded 37 percent net profit growth in the first six months of 2015.

The first half of the year saw the company’s profits rise to $230 million, with revenue for the same period coming in at $398 million. That much revenue represents a 16 percent increase over 2014 numbers.

Tenant sales across all Emaar Malls assets were an impressive $2.6 billion, matching last year’s retail sales performance.

Emaar Malls’ properties include the Dubai Mall, which is the company’s flagship outlet and the world’s largest mall. The 1,200-store Dubai Mall drew more than 62 million visitors during the first six months of 2015, 11 percent higher than the first half of last year.

Mohamed Alabbar, chairman of Emaar Malls, said the company’s sustained growth is part of Dubai’s strategy to make itself into a global business and leisure hub.

“The Dubai Plan 2021 to establish the city as the ‘preferred place to work, live and visit’ is energizing all economic sectors including retail and tourism,” Alabbar said. “We are committed to creating long-term value to Dubai’s economy through our expansion plans and our emphasis on providing value-added lifestyle experiences to the mall visitors.”

The first half of 2015 also saw the launch of Emaar Malls’ new community mall brand, The Souk. The Souk will be rolled out across Emaar’s existing assets.