Emaar Malls records $87mln Q1 profit

Emaar Malls records $87mln Q1 profit

Mohamed Alabbar, founder of 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.” 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 per cent. Thus far, the business has been provided more than Dh1.2 billion in rental relief to combat the effects of the global pandemic on its retailers. Tenant sales have continued to significantly recover with overall sales recording 14 per cent growth in Q1 2021. 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