Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >>

• The profit recorded for Q1 2021 was AED 318 million (US$ 87 million), 169 percent higher than Q4 2020
• The strong recovery in tenant sales was driven by double average spend per visitor.
• Emaar Malls' opened the region's first Time Out Market in Souk Al Bahar on April 7th, 2021
• The Dubai Mall Village expansion added gross leasable area of 79,000 sq.ft. from February 2021
Dubai, United Arab Emirates; May 10, 2021:  Emaar Malls (DFM: EMAARMALLS) recorded an increase in net profit by 169 per cent to AED 318 million (US$ 87 million) during the first quarter (January to March) of 2021, compared to the net profit of AED 118 million (US$ 32 million), during the last-quarter (October to December) of 2020. Revenue for the first three months of 2021 amounted to AED 901 million (US$ 245 million). 
Emaar Mall's e-commerce fashion and lifestyle platform, Namshi, a wholly owned subsidiary, recorded sales of AED 258 million (US$ 70 million) for Q1 2021.Namshi's strong performance is credited to its persistent growth in Saudi Arabia, Kuwait and other GCC countries along with its launch in Qatar in early 2021. Additionally, 117 new brands were launched in Q1 2021, leaving consumers spoilt for choice.
With the worldwide economy and retail industry being impacted by the effects of the Covid-19 pandemic, Emaar Malls recorded healthy profit margins for Q1 2021, and is witnessing continual recovery across its business units. 
Commenting on Emaar Malls' Q1 2021 results, 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 ensuring we consistently enhance our financial profitability. 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. Dubai is one of the fastest growing city in the world and we are embracing the speed and demands of the emerging generation of customers.”
Resilient Occupancy
Occupancy levels across Emaar Malls' assets – The Dubai Mall, Dubai Marina Mall, Gold & Diamond 
Park, Souk Al Bahar and the Community Retail Centres – remained resilient throughout Q1 2021 at 91 percent. 
Rental Relief
With the financial health of its retail tenants remaining top priority, Emaar Malls continued to provide rental relief in its fourth phase for Q1 2021. Thus far, the business has provided more than AED 1.2 billion (US$ 327 million) in rental relief to combat the effects of the global pandemic on its retailers.
Retail Tenant Sales
Tenant sales have continued to significantly recover with overall sales recording 14% growth in Q1 2021, compared to Q1 in 2020 across the group and 6% growth when compared to Q4, 2020. Retail destinations are witnessing guests returning for shopping, dining and leisure experiences with confidence driving up average spend by the customers resulting in increased tenant sales. 
Operational Highlights
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. 
The Village at The Dubai Mall also improves the overall parking connectivity making it easier for shoppers to get to and from the mall, enhancing the overall shopping experience.
In April 2021, Emaar Malls' partnership with Time Out Group PLC saw the opening of the region's first Time Out Market in Souk Al Bahar. Visitors to the 43,000 sq. ft venue can indulge in delicacies from around the world created by Dubai's top chefs.
Upcoming Developments
Scheduled to open in the second half of 2021, Emaar is set to unveil Dubai Hills Mall, featuring about 600 outlets including an array of retail stores, restaurants and cafés. The mall boasts a gross leasable area of 2 million sq. ft. 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.
In April 2021, The Middle East Cleaning, Hygiene and Facilities Awards recognised The Dubai Mall as having ‘The Best Maintained Public Washrooms.' Emaar Malls remains committed to ensuring 100 per cent cleanliness and optimal hygiene standards across all its assets for guests.

Posted by : GoDubai Editorial Team
Viewed 5215 times
Posted on : Monday, May 10, 2021  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : Celebrate this Eid with Union Coop: Two Exclusive Campaigns to make Consumers Happy
Next Story : Majid Al Futtaim Opens its First Hybrid Cinema and Family Entertainment Centre in the UAE at Wafi Ci...
Email this article Print this article

Share this article with your friends and followers


Back to Top  
Most Viewed Press Release posted in the last 7 days
Olay Skin Experts Debut New Body Wash in the UAE!
Maintain Summer-Long Gorgeous Hair with these Essential Treatments from Sukin
Love Your Skin
King C. Gillette is here to Revolutionize the Male Grooming Experience
My First GROHE: Keep it Simple with GROHE Baulines for the Kitchen
Ojar Launches Its Eau De Parfum Sillage Boosters
Ogilvy PR Names Matt Buchanan as Global Head of Consumer PR
The Famous Taste of ALBAIK is Coming to Dubai with the Launch of the First Branc...
Versus Los Feliz
Compose Your Own Unique Scent Using Ojar's Sillage Boosters
Thought Series – the Good Life
Malabar Gold & Diamonds redomiciles to Dubai International Financial Centre (DIF...
SEHA Prioritizes Women's Health With Revamped State-of-the-art Clinics
Cebu Pacific Celebrates Philippine Independence Day with Special AED1 Seat Sale ...
360° Virtual and Hybrid Events Steal the Show
5 Lovely Summer Outfit Ideas for 2021
Over 200 students at GEMS Wellington Academy – Silicon Oasis ‘Step in Time' with...
Malak Al Tawouk UAE Receives HACCP Certification for Food Safety
Hamdan bin Zayed Launches the Largest Coral Reef Rehabilitation Project in the Region
Gift Your Dad Three Coffee This Fathers Day
Reveal Your Brightest Skin this Summer with Herbal Essentials
Dugong and Seagrass Toolkit Selected Among Top 25 UAE Government Innovations
Yahsat and Airbus Complete Preliminary Design Review of Next Generation Satellit...
Father's Day Favorites: Moroccan Neroli Shaving Serum & Post Shave Lotion
Pogačar Returns at Tour of Slovenia
Hotpack Launches 'Eco Store' Online Retail Destination for Green Food Packaging ...
UAE's Female Entrepreneurial Talents can apply to Badiri's Hands-On Training Pr...
Land Rover Defender Supports the World's Toughest Adventure Race
Own a Brand-New Renault from Arabian Automobiles from only AED 555 per month
Dubai Holding and Dubai Health Authority successfully conclude ‘The Perfect Gif...
Dubai Sports Council Organises Workshop for Dubai Club Administrators and Supervisors
Business Aviation at Dubai Airshow 2021: A Thriving Industry Despite the Challenges
A Major Kidney Operation without Much of a Scar – A Patient's Success Story at...
HE Dr. Ahmad Belhoul Al Falasi Explores Sharjah's Dynamic Startup Ecosystem as a...
Abu Dhabi World Professional Jiu-jitsu Championship (Adwpjjc) Returns in Novembe...
Tanishq Reiterates Promises and Commitment to Regional Customers
Emirates Literature Foundation Search Is on for Young Writers
Ulissi Takes Emotional Victory in Slovenia
First Aid - Wounds and Burns Workshop Hosted by Flamigel®
Jaguar Land Rover to Develop Hydrogen-Powered Defender Fuel Cell Prototype
MoHAP Continues to provide Inspection of Private Medical and Pharmaceutical Faci...
SEHA Advances Medical Education, Training, and Development With UAE's First ASHP...
Hamdan Bin Mohamed Bin Zayed Inaugurates Largest Fitness Centre in Abu Dhabi
Kia Takes Six Prizes at the 2021 Russian Car of the Year Awards
Ariel PODS Launches Mind, Pody & Soul at Alserkal Avenue in Dubai
Mahzooz makes its 10th millionaire of 2021
MBRU Launches First Doctorate Program in Dubai to Drive Support of Biomedical Sc...
International Medical Center Announces the Project Kick-off of its Unified Elect...
Porsche goes the Extreme to Kick off Launch for new Taycan Cross Turismo
MRO Middle East Demonstrates Positive Outlook for Aviation Sector Recovery in th...