Emaar Malls profit up 23% in 2015

DUBAI: Emaar Malls, the shopping and retail arm mostly owned by Dubai’s Emaar Properties giant, said its annual profit surged 23 percent to $451 million in 2015, as rental income increased.
Net profit reached AED1.66 billion ($451 million) in 2015, compared with AED1.35 billion the year before, said the company which owns Dubai Mall — one of the world’s largest shopping centers.
In the fourth quarter, Emaar Malls saw net profit rise 16 percent on year to AED435 million.
The company said its rental income grew by 11 percent to 2.99 billion in 2015, with occupancy levels reaching 96 percent in the same year.
“The retail sector is a key contributor to Dubai’s economy, said chairman Mohamed Alabbar.
“Emaar Malls assets mark a significant contribution to defining our city as must-visit destination for retail and leisure.”
The company said Dubai Mall attracted 80 million visitors in 2015, claiming it has cemented its position as “the world’s most-visited shopping and leisure destination.”
In addition to Dubai Mall, the company’s portfolio includes the adjacent Arabesque-style Souk Al-Bahar, Marina Mall and Gold & Diamond Park.
Emaar Properties, the parent group of Emaar Malls, is the largest listed company on the Dubai Financial Market.
It was behind several landmark property developments, including the world’s tallest tower, Burj Khalifa.