The company has posted a 66 per cent decrease in its profits for the period of January – September 2020.
Emaar Malls, which is the shopping malls and retail division of Emaar Properties, has posted revenues of Dhs 2.49bn for the first nine months of 2020, which corresponds to a 27 per cent decrease in comparison to the same period last year where revenues of Dhs 3.41bn were reported. It’s also been reported that their net profits for January – September were Dhs586M, down over 66 per cent from last year’s Dhs1.73bn.
The Covid-19 global pandemic has been a huge contributing factor to these figures. Malls across the region were temporarily closed and the lack of tourism across the UAE has caused a much lower footfall than the company is accustomed to, which has clearly been reflected in the company’s figures.
“We remain optimistic about the immediate future of the retail industry in Dubai during the remainder of 2020 and look forward to seeing tourists and visitors slowly return to the high numbers we’re accustomed to. In the long-term, we are confident that 2021 will see us grow our business once again,” said Mohamed Alabbar, founder of Emaar Properties and Emaar Malls.
