Reflecting on a successful year, Emaar Malls witnessed a five per cent jump in revenue to $1.272 billion last year, compared to $1.210 billion in 2018.
Overall net profit in 2019 stood at $622 million, slightly higher than 2018, which stood at $607 million, while revenue jumped by four per cent to $343 million in Q4 of 2019 compared to the corresponding period in 2018.
In 2019, Namshi (the regional e-commerce fashion and lifestyle platform) was fully acquired by Emaar Malls. The online retailer reported sales in Q4, 2019, of $92 million – a 40 per cent increase on the last quarter of 2018. During 2019, the wholly owned subsidiary of Emaar Malls recorded sales of $280 million, increasing by 21 per cent compared to the previous year.
As for footfall, occupancy levels at The Dubai Mall, Dubai Marina Mall, Gold & Diamond Park, Souk Al Bahar and the Community Retail Centres, was consistent at 92 per cent. In 2019, there were approximately 136 million visitors collectively, with The Dubai Mall welcoming an impressive 84 million visitors in total last year.
Chairman, Emaar, Mohamed Alabbar, who is also a board member of Emaar Malls, enthused on the results: “2019 was a great year for Emaar Malls with occupancy and visitor levels growing steadily. This uptick is a result of our continuous innovation as we refresh the customer journey, diversify our portfolio and invest in opportunities to bring our destinations to life. Examples of this include the recently opened Zabeel Extension at The Dubai Mall and the complete acquisition of Namshi, both of which contributed to our achievements in 2019. We expect to see this success continue through 2020, as we focus on loyalty programs to drive repeat visits and open new destinations to welcome inbound tourism driven by Expo 2020.”
Looking ahead to 2020, Emaar is set to open Dubai Hills Mall in Dubai Hills Estate in Q4, which will house about 550 retail and entertainment destinations, including four major family entertainment and leisure centres, a cineplex, a hypermarket, seven anchor retail experience stores and over 7,000 parking spaces. Adding to this, Emaar Malls is redeveloping Meadows Village to increase its gross leasable area, which scheduled for completion in 2020, and has partnered with Time Out Group PLC to open the first Time Out Market in the region at Souk Al Bahar in Downtown Dubai. At Time Out Market Dubai, visitors will be able to enjoy food from 16 of Dubai’s top chefs and celebrated restaurateurs with three lounges and cultural experiences. This project is scheduled to open in Q4, 2020.