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Dubai’s Emaar Malls Swings to Profit in Q2

The Dubai Mall. Shutterstock.
Emaar Malls, with operates properties including The Dubai Mall, saw revenue rise 74 percent in the second quarter. Shutterstock. (Shutterstock)

Emaar Malls, a unit of Dubai’s largest listed developer, Emaar Properties, swung to a profit in the second quarter after posting a loss in the same period a year ago as revenue surged 74 percent year-on-year, according to a statement provided by the company to the Dubai Financial Market.

Net profit for the three months to the end of June rose to 304 million dirham ($82.7 million), compared with a 33 million dirham ($9 million) loss in the same period a year earlier.

Sales across Emaar Malls’ tenants were up 15 percent in the second quarter, compared to the same period in 2019, prior to the pandemic. The increase in sales during the first half of this year was largely driven by an increase in average spending per visitor, which rose 59 percent from the same period in 2019, the company said.

Learn more:

Dubai’s Emaar Properties to Merge Retail Arm by Year-End

Emaar Properties expects to complete its planned merger with retail arm, Emaar Malls, by the end of 2021, and is currently awaiting regulatory clearance from the United Arab Emirates’ Securities and Commodities Authority.

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State of Fashion 2023
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State of Fashion 2023