UAE's Emaar Malls Q1 profit rises

Emaar Malls, the retail arm of Emaar Properties PJSC, posted a net profit of AED 539 million in the first quarter of 2017, slightly higher than the net profit of AED 529 million during Q1 2016.

The gross leasable area (GLA) occupancy levels across Emaar Malls’ assets averaged 96 percent during Q1 2017, the Dubai-listed firm said in a bourse statement.

Emaar Malls currently has a GLA of about 6 million square feet in Dubai, and another 1 million sqft of built up area will be added with the ongoing expansion of The Dubai Mall’s Fashion Avenue.

The company is also developing the Boulevard and a new retail addition under its The Souk concept in the Springs Village with over 245,000 sqft GLA.

At its second annual general meeting held in April, Emaar Malls approved a cash dividend of AED 1.3 billion, equivalent to 10 percent of share capital, for the second consecutive year.