LONDON: Emaar Malls reported a 5 percent increase in revenue to 4.673 billion dirhams ($ 1.272 billion) last year as it boosted its online presence.
The retail outfit spun off from Burj Dubai developer Emaar Properties acquired Namshi, the regional e-commerce fashion and lifestyle platform last year.
The online retailer reported fourth-quarter sales of 339 million dirhams, an increase of 40 percent compared to the last quarter of 2018.
The company did not disclose its net income.
Occupancy levels within Emaar Malls assets — The Dubai Mall, Dubai Marina Mall, Gold & Diamond Park, Souk Al Bahar and the Community Retail Centers — was flat at 92 percent.
“2019 was a great year for Emaar Malls with occupancy and visitor levels growing steadily,” said Emaar Chairman Mohamed Alabbar. “This uptick is a result of our continuous innovation as we refresh the customer journey, diversify our portfolio and invest in opportunities to bring our destinations to life.”
A boom in mall construction across Dubai has stoked competition in the sector and put pressure on retailers already suffering from the impact of faltering consumer confidence and a strong dollar to which the UAE dirham is pegged.
Emaar is set to open Dubai Hills Mall in Dubai Hills Estate in the fourth quarter of the year, adding another 2 million square feet of retail space and some 550 shops and entertainment destinations.
Emaar Malls is also redeveloping Meadows Village to increase its gross leasable area by approximately 95,000 sq. ft, and is sue to complete this year.
Emaar Malls’ properties include some of the emirates best-known shopping destinations, including the flagship Dubai Mall.
