Dubai’s Emaar Malls reports $87m in profit for Q1 2021

Dubai’s Emaar Malls recorded a net profit of Dhs318m ($87m) in Q1 2021, marking an increase of 169 per cent from Dhs118m ($32m), during the last-quarter of 2020.

Revenue for the first three months of 2021 amounted to Dhs901m ($245m). Emaar Mall’s e-commerce fashion and lifestyle platform, Namshi, recorded sales of Dhs258m ($ 70m) for Q1 2021.

Mohamed Alabbar, founder of Emaar Properties and board member of Emaar Malls, said: “We continue to focus our efforts on project delivery for our newest expansions and developments. As we persist in driving growth for Emaar Malls, both locally and internationally, we are committed to delivering transformational retail and entertainment experiences that exceeds expectations of constantly evolving customer demands.”

Emaar Malls continued to provide rental relief in its fourth phase for Q1 2021, offering more than Dhs1.2bn ($327m) thus far, to combat the effects of the global pandemic on its retailers. Tenant sales have also recovered with overall sales recording 14 per cent growth in Q1 2021, compared to Q1 in 2020 across the group and 6 per cent growth compared to Q4 2020. Retail destinations are witnessing guests returning for shopping, dining and leisure experiences, driving up average spend. a statement said.

Meanwhile, The Dubai Mall Village expansion in February 2021 saw 21 new sports and lifestyle stores added to its portfolio of retailers with an additional gross leasable area of 79,000 sq. ft. In April 2021, Emaar Malls’ partnership with Time Out Group resulted in the opening of the Time Out Market in Souk Al Bahar.

Emaar is set to roll out Dubai Hills Mall, featuring about 600 outlets including retail stores, restaurants and cafés, scheduled for H2 2021. The mall will have four major family entertainment and leisure centres as well as a cineplex, hypermarket, multiple anchor retail experience stores and dedicated parking spaces for over 7,000 vehicles.