The company reported overall net profit in 2020 of AED 704M and also outlined some of their greatest achievements for the past year.
Emaar Malls, the shopping malls and retail arm of Emaar Properties has recorded a revenue of AED 3.508bn in 2020 with an overall net profit of AED 704M.
Mohamed Alabbar, Founder of Emaar Properties and Emaar Malls, commented: “Emaar Malls has emerged from 2020 in a much stronger position, having faced some of the most challenging business conditions in a generation. Our wonderful achievements in the past, strengthened by our more recent strategic investments in a digital future, have meant that we were able to quickly adapt and introduce changes that will help us grow and succeed long after the pandemic passes.”
Namshi, Emaar’s regional e-commerce fashion and lifestyle platform recorded a 28 per cent increase in sales; occupancy levels across Emaar’s assets have remained resilient at 91 per cent and Emaar also provided as much as AED 1bn in flexible rent relief to assist retail tenants and SMEs.
Moving forward, Emaar Malls looks forward to welcoming the very first Time Out Market in the region in the first quarter of 2021 at Souk Al Bahar. Guests will be treated to a number of delicacies from Dubai’s top chefs at the 43,000sq ft location.
