Category: Investor Relation

FY 2017 revenue increased by 21% to AED 18.812 billion (US$ 5.122 billion)Shopping malls, hospitality and leisure and entertainment businesses account for 34% of revenue at AED 6.351 billion (US$ 1.729 billion)Successful listing of Emaar Development PJSC on Dubai Financial Market (DFM) by selling 20% of shareholding though initial public offering (IPO)Exceptional Dividend of AED 4 billion (US$ 1.089 billion) from the proceeds of Emaar Development IPO
Dubai, UAE; February 14, 2018: Emaar Properties PJSC (DFM: EMAAR) recorded a net operating profit of AED 5.704 billion (US$ 1.553 billion) during full-year (January to December) 2017, a growth of 16 per cent over the FY 2016 net operating profit of AED 4.917 billion (US$ 1.339 billion). Total revenue for FY 2017 increased by 21 per cent to AED 18.812 billion (US$ 5.122 billion), over FY 2016 revenue of AED 15.540 billion (US$ 4.231 billion).

In 2017, Emaar successfully listed its UAE build-to-sell property development business, Emaar Development, by selling its 20 per cent stake through IPO and raised AED 4.824 billion (US$ 1.313 billion) and also announced AED 4 billion (US$ 1.089 billion) of exceptional dividend from the proceeds of the IPO.

Emaar Development (DFM: EMAARDEV), majority-owned by Emaar Properties, reported total revenue of AED 8.863 billion (US$ 2.413 billion), a growth of 28 per cent compared to AED 6.899 billion (US$ 1.878 billion) in FY 2016. The Company also achieved record sales of AED 18.03 billion (US$ 4.91 billion) in FY 2017, an increase of 25 per cent over FY 2016 sales of AED 14.4 billion (US$ 3.92 billion). Emaar Development now has a sales backlog of around AED 41 billion (US$ 11 billion) as of December 31, 2017, highlighting the robust fundamentals of the company with more than 24,000 residential units to be delivered over the coming years.

Underpinning the success of Emaar’s business segmentation, its shopping malls, hospitality and leisure and entertainment businesses together accounted revenue of AED 6.351 billion (US$ 1.729 billion) representing 34 per cent of the total revenue of FY 2017, 6 per cent higher than FY 2016 revenue of AED 5.976 billion (US$ 1.627 billion).

Revenue from Emaar’s international development operations was AED 3.603 billion (US$ 981 million) during FY 2017, a growth of 35 per cent over FY 2016 revenue of AED 2.665 billion (US$ 726 million); global operations now account for 19 per cent of Emaar’s total revenue.

During the fourth quarter (October to December) 2017, Emaar Properties recorded a revenue of AED 5.360 billion (US$ 1.459 billion), 21 per cent higher than Q4 2016 revenue of AED 4.437 billion (US$ 1.208 billion). Emaar recorded a net operating profit of AED 1.357 billion (US$ 369 million) during the same period, 5 per cent higher than the net operating profit earned during fourth quarter 2016.

A commitment to value creation

Mohamed Alabbar, Chairman of Emaar Properties, said that the company’s strategic growth initiatives, underlined by the Emaar Development IPO as well as the expansion of its shopping malls and hospitality business, highlight Emaar’s commitment to long-term value creation for its stakeholders.

“The growth of our businesses in 2017, across all markets, reflects the success of our focus on delivering high quality lifestyle choices. Setting benchmarks in design, build quality and the choice of amenities, our property developments are sought-after by investors while our malls business is setting retail trends by serving as retail and leisure destinations of choice. Emaar’s hospitality and leisure operations have also gained further traction through geographic expansion and the creation of innovative experiences,” said Alabbar.

He added: “With our significant sales backlog and a robust development pipeline in the UAE and in high-growth international markets, we will continue to deliver on our founding objective of ‘shaping the future.’ In this journey, we derive our inspiration and guidance from the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President & Prime Minister and Ruler of Dubai, and remain committed to the transformational growth of our nation as a global business, leisure and investment hub.”

Creating prime property assets

A driver of the company’s growth, Emaar’s property development business achieved new milestones in project delivery during 2017. To date, the company has handed over 45,900 residential units in Dubai and global markets since 2002, with over 34,800 units delivered in UAE alone.

In 2017, Emaar rolled out many new residential launches in Dubai Creek Harbour, Dubai Hills Estate, Emaar South, Arabian Ranches II and Downtown Dubai, all of them reporting strong investor response.

Continuing its track-record of on-schedule project management, Emaar has made significant progress in the construction of Dubai Creek Tower, the new global icon that will create a new skyline for the nation.

Creating prime property assets Redefining the retail and hospitality landscape

Emaar Malls (DFM: EMAARMALLS), the shopping malls and retail business majority-owned by Emaar Properties, recorded FY 2017 revenue of AED 3.629 billion (US$ 988 million), a growth of 12 per cent over FY 2016 revenue of AED 3.227 billion (US$ 879 million). Together, the malls and retail centres of Emaar Malls welcomed 130 million visitors in 2017, 4 per cent higher than the visitor turnout of 125 million during FY 2016.

The Dubai Mall, the flagship retail and leisure destination of Emaar Malls, welcomed 80 million visitors in 2017, similar to visitors it has welcomed annually since 2014. The Dubai Mall Fashion Avenue Expansion and the new Springs Village are set to open this year. In addition to the planned high-end retail district in Dubai Creek Harbour and the ongoing expansion of The Dubai Mall, Emaar announced the Dubai Hills Mall in Dubai Hills Estate. Emaar has also expanded its retail and leisure footprint in international market by opening of Emaar Square mall in Turkey in FY 2017.

Emaar’s hospitality & leisure, commercial leasing and entertainment businesses recorded revenue of AED 2.722 billion (US$ 741 million) in the FY 2017.

With three hotel brands – Address Hotels + Resorts, Vida Hotels and Resorts and Rove Hotels (joint venture with Meraas) – Emaar’s hospitality business recorded an average occupancy of 79 per cent, higher than Dubai’s industry average. Emaar Hospitality Group opened three new hotels in 2017 – Address Boulevard in Downtown Dubai, Rove Healthcare City and Rove Trade Centre – and will mark several new openings in the coming years. The Group now has a number of upcoming hotel projects in the UAE and other international markets including Saudi Arabia, Turkey, Egypt, Bahrain and The Maldives.

Revenue for half-year 2017 is AED 7.866 billion (US$ 2.142 billion), an increase of 8% over the same period in 2016Emaar plans to list its UAE Real Estate development business through up to 30% equity offering; strong growth in sales underlines significant interest of customers in Emaar’s property developmentsRevenue from international development grew up by 64% to AED 1.697 billion (US$ 462 million) representing 22% of total revenue
Dubai, UAE; August 14, 2017: Emaar Properties PJSC recorded a growth in net profit by 15 per cent to AED 2.837 billion (US$ 772 million) during the first six months (January to June) of 2017 (H1 2017), compared to AED 2.475 billion (US$ 674 million) during the same period last year. H1 2017 revenue is AED 7.866 billion (US$ 2.142 billion), an increase of 8 per cent over H1 2016 revenue of AED 7.257 billion (US$ 1.976 billion).

Recurring revenue from Emaar’s shopping malls & retail, hospitality & leisure, commercial leasing and entertainment businesses in H1 2017 is AED 3.016 billion (US$ 821 million), which represents 38 per cent of the total revenue.

Emaar’s revenue from its international development recorded a growth of 64 per cent in H1 2017 to AED 1.697 billion (US$ 462 million), compared to the H1 2016 international revenue of AED 1.032 billion (US$ 281 million). This was underpinned by significant progress in projects achieved in key markets including Egypt, Turkey, India and Saudi Arabia, among others. Emaar’s international development now contribute 22 per cent to the total Group revenue.

In the second quarter (April to June) of 2017 (Q2 2017), Emaar recorded a net profit of AED 1.453 billion (US$ 396 million), an increase of 14 per cent over Q2 2016 net profit of AED 1.270 billion (US$ 346 million).

A customer-focused digital organisation Mohamed Alabbar, Chairman of Emaar Properties, said the positive performance builds on Emaar’s ongoing focus on project delivery and being a customer-centric organisation. “Organisation-wide, we are marking a transformational change to strengthen project management and service excellence led by digital technology. At every stage of development, we place emphasis on being more efficient and responsive to the aspirations of our customers, and to create long-term value for our stakeholders.”

“This complements the transition of the nation into a smart economy led by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai. As a year-round tourism and retail destination, and with a focus on infrastructure development, the UAE has evolved as a global business and leisure hub, and through our projects, we are contributing to the nation in driving sustained economic growth.”

Emaar’s commitment to value creation for shareholders was highlighted by the company distributing a cash dividend of 15 per cent of the share capital, equivalent to AED 1.074 billion (US$ 292 million).

To provide superior value to all Emaar’s shareholders for their unwavering support to the company since 1997, Emaar has announced its plan to list its UAE Real Estate development business through up to 30 per cent share offering on the Dubai Financial Market (DFM).

The funds raised through the sale of equity will be primarily distributed as dividends to shareholders. This will ensure that the value of this business is properly recognised, thereby enhancing value for Emaar shareholders.

Smart city hubs of the future During the first six months of 2017, Emaar recorded property sales in Dubai of AED 10.814 billion (US$ 2.944 billion), 22 per cent higher than AED 8.9 billion (US$ 2.42 billion) during the same period in 2016, underlining the significant customer interest in Emaar’s projects.

This growth was led by residential launches in Emaar’s flagship projects including Dubai Creek Harbour, Downtown Dubai, Dubai Hills Estate and Emaar South – the smart city hubs of the future. The new residential project launches in the first six months of the year included: Downtown Views II and Vida Dubai Mall in Downtown Dubai, Vida Residences in Dubai Marina, Creek Gate, Harbour Gate and Creek Rise in Dubai Creek Harbour, Park Heights I & II and Maple 3 in Dubai Hills Estate and Golf Views apartments and Urbana III stacked townhouses in Emaar South.

A highlight of Emaar’s property development portfolio was the completion of foundation work for the Dubai Creek Harbour Tower. More than 145 barrette piles have been laid to depths of over 72 metres to secure the super-tall structure. Emaar also achieved the challenging engineering feat of designing, constructing and lifting an iconic Sky Bridge that links the new Address Sky View hotel with the Address Residences Sky View in Downtown Dubai.

With robust sales in Dubai, Emaar now has a total backlog of AED 49.5 billion (US$ 13.5 billion) including a backlog of over AED 40 billion (US$ 10.9 billion) in Dubai, to be recognised in the next few years, a testament to the company’s strong financial fundamentals.

Steady growth in recurring revenue Emaar Malls (DFM: EMAARMALLS), the shopping malls and retail business majority-owned by Emaar Properties, reported H1 2017 net profit of AED 1.021 billion (US$ 278 million), 3 per cent higher than H1 2016 net profit of AED 987 million (US$ 269 million). Emaar Malls revenue in H1 2017 is AED 1.624 billion (US$ 442 million), similar to H1 2016 revenue of AED 1.618 billion (US$ 441 million).

As part of the digital transformation initiatives, Emaar Malls acquired a 51 per cent stake in Namshi, the leading online fashion retailer in the Middle east. This complements its focus on multi-channel retailing, and creating long-term value for its stakeholders. At its second Annual General Meeting in April, Emaar Malls distributed 10 per cent of the share capital, equivalent to AED 1.301 billion (US$ 354 million) as cash dividend to the shareholders.

The shopping mall assets of Emaar Malls welcomed over 65 million visitors in the first half of 2017, an increase of 7 per cent over H1 2016.

The hospitality & leisure, commercial leasing and entertainment businesses of Emaar recorded H1 2017 revenue of AED 1.392 billion (US$ 388 million), which is 7 per cent higher than the H1 2016 revenue of AED 1.298 billion (US$ 353 million).

Emaar further strengthened its hospitality portfolio in the first half of the year with the opening of three properties – Address Boulevard in Downtown Dubai, Rove Healthcare City and Rove Trade Centre. Occupancy levels at Address Hotel + Resorts were 82 per cent, higher than industry average. The hospitality business has also expanded its geographic footprint with management agreements to operate hotels in Saudi Arabia, Bahrain, Egypt and Turkey. Today, the Group has over 27 upcoming projects in the pipeline in the UAE and in international markets.

In Q2 2017, Emaar Turkey opened Emaar Square Mall, a world-class retail and leisure destination located in the heart of Emaar Square in Istanbul, an elegant master-planned development, showcasing some of the world’s leading retail, entertainment and gastronomy brands to assure visitors a memorable experience.

One of the world’s largest real estate companies, Emaar has a land bank of about 188 million sq m in the UAE and key international markets. With a proven track-record in delivery, Emaar has delivered over 43,200 residential units in Dubai and other global markets since 2001.

Significant value creation for Emaar shareholdersOne of the largest IPOs since the listing of Emaar MallsEmaar has recorded real estate sales of AED 9.7 billion (US$ 2.64 billion) in the UAE until 31 May 2017; an increase of 24% from 2016UAE projects backlog amounts to AED 40 billion (US$ 10.9 billion)
Dubai, UAE; June 7, 2017: Emaar Properties PJSC, the global real estate company, has announced plans to list its UAE Real Estate development business in order to create significant value for its shareholders. The IPO will be the largest since the Emaar Malls IPO in 2014.

Subject to market conditions, Emaar will offer up to 30 per cent of Emaar’s UAE Real Estate Development business through a share offering on the Dubai Financial Market (DFM). The funds raised through the sale of equity will be primarily distributed as dividends to Emaar’s shareholders.

The decision to list Emaar’s UAE Real Estate Development business was a result of an internal review of Emaar’s asset values. This indicated the importance of highlighting the value of this business as a major contributor to the overall profitability of Emaar through an independent listing. Investors who value the proven development track record of Emaar can invest directly in this business and benefit from the strong growth profile of the company’s UAE development business. In turn, this will enhance Emaar’s overall valuation as the value of this important business is properly recognised in the market.

Emaar’s real estate development in UAE has recorded significant growth over last five years. Real estate sales increased from AED 4.2 billion (US$ 1.14 billion) in 2012 to AED 14.4 billion (US$ 3.92 billion) in 2016. Until end of May 2017, the business recorded sales of AED 9.7 billion (US$ 2.64 billion), 24 per cent above the same period in 2016. Total backlog as at the end of May 2017 is AED 40 billion (US$ 10.9 billion). This backlog represents the value of properties sold but where related revenues have not been recognised.

Mohamed Alabbar, Chairman of Emaar Properties, said: “We are thankful to His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President & Prime Minister and Ruler of Dubai, for his guidance and inspiration that has been the driving force of Emaar’s success. The proposed listing and the additional dividend to our shareholders including Government of Dubai underlines our commitment to provide superior value to all our shareholders for their unwavering support to the company since its inception in 1997.

“Over the years, we have generated significant returns from our UAE real estate development business and it continues to be a strong driver of growth for the group. As Emaar’s other businesses have grown and expanded, we wanted to ensure that investors who value the UAE Real Estate Development business the most, the foundation of Emaar’s success, can do so directly. This will ensure that the value of this business is properly recognised, thereby enhancing value for all Emaar shareholders.”

Mr. Alabbar added: “We are drawing on our success to create a new Emaar defined by an expanded development pipeline in Dubai anchored by iconic structures such as The Tower at Dubai Creek Harbour. Emaar’s value proposition is an unwavering commitment to provide the best-in-class service to our customers, which will be the main pillar for the UAE Real Estate Development business to achieve significant successes. We have high-calibre professionals who lead our various businesses and we are also investing in young talent.”

Emaar has handed over around 34,000 units in Dubai since 2001 and currently has a significant land bank of 24 million sq. m in the UAE. The total development area on these lands is approximately 30 million sq. m.

Focused on its strategy of shaping the future today, Emaar has several mega-developments ongoing in Dubai including the 11 million sq m Dubai Hills Estate, a ‘green city within the city,’ developed as a joint venture with Meraas Holding, which will feature a world-class retail hub and an 18-hole championship golf course.

Having delivered the iconic Burj Khalifa, Emaar is now developing The Tower in Dubai Creek Harbour, billed to be one of the fascinating attractions in the world. It is set in the heart of a 6 sq. km mega-development, developed as a joint venture with Dubai Holding and will feature a dedicated retail district for high-end brands.

Another smart development for the future, set near the venue of Expo 2020 Dubai, is Emaar South, a next-generation lifestyle destination in the new aviation and logistics hub of the city, Dubai South.

Q1 2017 revenue increases by 15% to AED 4.072 billion (US$ 1.109 billion)Recurring revenues from malls, hospitality, entertainment and leisure businesses at AED 1.592 billion (US$ 433 million), 39% of the total Group revenueRevenue from international operations grew by 62% to AED 806 million (US$ 219 million), 20% of total revenueDistributes AED 1.074 billion (US$292 million), equivalent to 15% of share capital, as cash dividend to shareholders for 2016
Dubai, UAE; May 14, 2017:Emaar Properties PJSC recorded a net profit of AED 1.384 billion (US$ 377 million) in the first quarter (January to March) 2017, an increase of 15 per cent over the same period last year at AED 1.205 billion (US$ 328 million).

Total revenue for Q1 2017 was AED 4.072 billion (US$ 1.109 billion), an increase of 15 per cent over Q1 2016 revenue of AED 3.529 billion (US$ 961 million).

Recurring revenues from the malls, hospitality, entertainment and leisure businesses of Emaar were AED 1.592 billion (US$ 433 million) in Q1 2017 contributing 39 per cent of the total Group revenue.

Emaar’s international operations recorded Q1 2017 revenue of AED 806 million (US$ 219 million), an increase of 62 per cent over Q1 2016 revenue of AED 499 million (US$ 136 million), accounting for 20 per cent of the total Group revenue.

At the Annual General Meeting of Emaar Properties, shareholders have approved to distribute a cash dividend of AED 1.074 billion (US$ 292 million), equivalent to 15 per cent of the share capital.

Focus on value creation

Mohamed Alabbar, Chairman of Emaar Properties, said that the positive results achieved by Emaar across its operations underlines the focus of the company on continued value creation for its stakeholders. “Along with our core business of creating premium real estate in Dubai and other international markets, our malls, hospitality and leisure businesses have also recorded growth. This is driven by our new customer-oriented digital strategy that helps optimise our resource use and enhance efficiency.”

He added: “We have seen an increase in property sales in Dubai, and we are on track with our construction milestones. Emaar’s performance underpins the positive economic environment of Dubai led by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President & Prime Minister and Ruler of Dubai.”

Strong property sales

Emaar recorded robust property sales of AED 6.049 billion (US$ 1.647 billion) during Q1 2017 in Dubai. This is 44 per cent higher than the value of property sales in Dubai during Q1 2016 at AED 4.194 billion (US$ 1.142 billion), and 115 per cent higher than the figures for Q4 2016 at AED 2.810 billion (US$ 765 million). The Group now has a backlog of AED 46.245 billion (US$ 12.591 billion) to be recognised as revenue in the next few years.

The property business in Dubai was highlighted by new residential launches in Downtown Dubai, Dubai Marina and joint venture projects under Dubai Hills Estate, Dubai Creek Harbour and Emaar South.

Emaar accomplished a key milestone with the completion of the pile foundations for the new global icon The Tower, designed by Santiago Calatrava, in Dubai Creek Harbour. Emaar has also achieved significant construction progress on the projects in Dubai Hills Estate, which now has green avenues, lakes, waterbodies and roads.

The new property launches in Q1 2017 includes Downtown Views II, located in the Zabeel area of Downtown Dubai, Vida Residences in Dubai Marina, Creek Gate and Harbour Gate in Dubai Creek Harbour and Golf Views apartments and Urbana III stacked townhouses in Emaar South.

Expanding malls and hospitality operations During Q1 2017, Emaar Malls (DFM: EMAARMALLS) recorded revenues of AED 836 million (US$ 228 million), similar to Q1 2016 revenue of AED 833 million (US$ 227 million).

Net profit from the malls business during Q1 2017 was AED 539 million (US$ 147 million), similar to Q1 2016 net profit of AED 529 million (US$ 144 million) and 19 per cent higher than Q4 2016 net profit of AED 452 million (US$ 123 million).

The shopping mall assets of Emaar Malls, including its flagship – The Dubai Mall – welcomed over 34 million visitors in Q1 2017, 10 per cent higher than Q1 2016. With a gross leasable area of about 6 million sq ft in Dubai, Emaar Malls is expanding The Dubai Mall’s Fashion Avenue by another 1 million sq ft built-up area this year. Additionally, The Dubai Mall is adding new retail and leisure attractions with the Boulevard, Fountain Views and Zabeel expansions.

Emaar’s hospitality, commercial leasing and entertainment businesses reported revenues of AED 756 million (US$ 206 million) during Q1 2017, an increase of 5 per cent over the same period last year at AED 722 million (US$ 197 million).

Emaar’s hospitality segment marked the launch of two new hotels in Q1 2017 including Address Boulevard, a city lifestyle resort under the portfolio of Address Hotels + Resorts, and Rove Healthcare City. A contemporary midscale brand, Rove Hotels are being developed as a joint venture with Meraas Holding with plans to roll out 10 hotels in Dubai by 2020.

The premium upscale The Address branded hotels under Emaar Hospitality Group recorded an average occupancy of 92 per cent during Q1 2017, higher than the industry average. Emaar is in the course of expanding its hospitality business with 26 upcoming projects in the UAE, Turkey, Egypt, Saudi Arabia and Bahrain.

With 190 million sq m of land bank in the UAE and key international markets, Emaar assets are valued at around AED 179 billion (US$ 49 billion).

Focus on added value creation for shareholders and strengthening customer service

Dubai, UAE; April 17, 2017: The 19th Annual General Meeting (AGM) of Emaar Properties PJSC today declared a cash dividend of 15 per cent of the share capital, equivalent to AED 1.074 billion (US$ 292 million), for distribution to the company’s shareholders.

The AGM also approved the report of the Board of Directors on the activities and financial position of Emaar, the Auditor’s report, and balance sheet for 2016. Ernst and Young was appointed as the auditor for 2017. The assembly also approved the Employees Incentive Scheme.

Mohamed Alabbar, Chairman of Emaar Properties, said that Emaar has created sustained value for shareholders through its competencies premium real estate, malls and hospitality. “The leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, inspires us to push our boundaries and expand our operations with the goal of creating added value for our stakeholders.”

He added: “Our ambition is to further strengthen customer loyalty and enhance our brand value. We will achieve this with our absolute focus on being a customer-centric organisation. We will also strengthen our financial performance by maintaining a robust balance sheet. Across all our businesses, we focus on bringing high-calibre professionals while also shaping the next generation of young future leaders. Our new growth approach is led by the digital transformation of our operations, which will transform our company and ensure that we are future-ready.”

In 2016, Emaar recorded net profit of AED 5.233 billion (US$ 1.425 billion), and revenues of AED 15.540 billion (US$ 4.231 billion). Recurring revenues from Emaar’s shopping malls, hospitality, entertainment and leisure businesses was AED 5.976 billion (US$ 1.627 billion), 38 per cent of the total Group revenue. Emaar’s international operations reported revenue of AED 2.665 billion (US$ 726 million), 17 per cent of the total Group revenue.

The performance of Emaar’s real estate sales in Dubai recorded notable growth during 2016 at AED 14.4 billion (US$ 3.92 billion). Sales across various international markets in 2016 were valued at AED 3.9 billion (US$ 1.1 billion). The Group now has a backlog of AED 42.977 billion (US$ 11.701 billion) to be recognised in the next few years.

Emaar also strengthened its landbank, notably in Dubai, without capital investment through joint ventures and strategic partnerships. The company’s land bank in the UAE now stands at over 24 million sq m taking its total land bank across all markets to over 190 million sq m.

Robust growth of malls and hospitality

Emaar Malls (DFM: EMAARMALLS), the shopping malls & retail business majority-owned by Emaar Properties, recorded a net profit of AED 1.874 billion (US$ 510 million) and revenue of AED 3.227 billion (US$ 879 million) in 2016.

The shopping malls assets of Emaar Malls together welcomed 125 million visitors during 2016. The Dubai Mall continues to be the world’s most visited retail and leisure destination, having welcomed 80 million visitors per annum for the past three consecutive years.

The hospitality & leisure, commercial leasing and entertainment business of Emaar recorded revenues of AED 2.749 billion (US$ 748 million) in 2016. Average occupancy of hotels under Emaar Hospitality Group in Dubai was 85 per cent, higher than the industry average.

Emaar’s growth has been led by an overall improvement in productivity in all performance indicators. The company has introduced a new procurement approach that generates savings. Customer service satisfaction levels have also increased across all operations – real estate, malls, hospitality and entertainment.

Emaar is now developing The Tower in Dubai Creek Harbour, billed to be one of the fascinating attractions in the world. Emaar is also strengthening Dubai’s retail sector through new retail precincts in Dubai Creek Harbour and Dubai Hills Estate. Another smart development for the future is Emaar South in Dubai South, a next-generation lifestyle destination in the new aviation and logistics hub of the city, located near the venue of Expo 2020 Dubai.

Focus on added value creation for shareholders and strengthening customer service

Dubai, UAE; April 17, 2017: The 19th Annual General Meeting (AGM) of Emaar Properties PJSC today declared a cash dividend of 15 per cent of the share capital, equivalent to AED 1.074 billion (US$ 292 million), for distribution to the company’s shareholders.

The AGM also approved the report of the Board of Directors on the activities and financial position of Emaar, the Auditor’s report, and balance sheet for 2016. Ernst and Young was appointed as the auditor for 2017. The assembly also approved the Employees Incentive Scheme.

Mohamed Alabbar, Chairman of Emaar Properties, said that Emaar has created sustained value for shareholders through its competencies premium real estate, malls and hospitality. “The leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, inspires us to push our boundaries and expand our operations with the goal of creating added value for our stakeholders.”

He added: “Our ambition is to further strengthen customer loyalty and enhance our brand value. We will achieve this with our absolute focus on being a customer-centric organisation. We will also strengthen our financial performance by maintaining a robust balance sheet. Across all our businesses, we focus on bringing high-calibre professionals while also shaping the next generation of young future leaders. Our new growth approach is led by the digital transformation of our operations, which will transform our company and ensure that we are future-ready.”

In 2016, Emaar recorded net profit of AED 5.233 billion (US$ 1.425 billion), and revenues of AED 15.540 billion (US$ 4.231 billion). Recurring revenues from Emaar’s shopping malls, hospitality, entertainment and leisure businesses was AED 5.976 billion (US$ 1.627 billion), 38 per cent of the total Group revenue. Emaar’s international operations reported revenue of AED 2.665 billion (US$ 726 million), 17 per cent of the total Group revenue.

The performance of Emaar’s real estate sales in Dubai recorded notable growth during 2016 at AED 14.4 billion (US$ 3.92 billion). Sales across various international markets in 2016 were valued at AED 3.9 billion (US$ 1.1 billion). The Group now has a backlog of AED 42.977 billion (US$ 11.701 billion) to be recognised in the next few years.

Emaar also strengthened its landbank, notably in Dubai, without capital investment through joint ventures and strategic partnerships. The company’s land bank in the UAE now stands at over 24 million sq m taking its total land bank across all markets to over 190 million sq m.

Robust growth of malls and hospitality

Emaar Malls (DFM: EMAARMALLS), the shopping malls & retail business majority-owned by Emaar Properties, recorded a net profit of AED 1.874 billion (US$ 510 million) and revenue of AED 3.227 billion (US$ 879 million) in 2016.

The shopping malls assets of Emaar Malls together welcomed 125 million visitors during 2016. The Dubai Mall continues to be the world’s most visited retail and leisure destination, having welcomed 80 million visitors per annum for the past three consecutive years.

The hospitality & leisure, commercial leasing and entertainment business of Emaar recorded revenues of AED 2.749 billion (US$ 748 million) in 2016. Average occupancy of hotels under Emaar Hospitality Group in Dubai was 85 per cent, higher than the industry average.

Emaar’s growth has been led by an overall improvement in productivity in all performance indicators. The company has introduced a new procurement approach that generates savings. Customer service satisfaction levels have also increased across all operations – real estate, malls, hospitality and entertainment.

Emaar is now developing The Tower in Dubai Creek Harbour, billed to be one of the fascinating attractions in the world. Emaar is also strengthening Dubai’s retail sector through new retail precincts in Dubai Creek Harbour and Dubai Hills Estate. Another smart development for the future is Emaar South in Dubai South, a next-generation lifestyle destination in the new aviation and logistics hub of the city, located near the venue of Expo 2020 Dubai.

FY 2016 revenues increase 14% to AED 15.540 billion (US$ 4.231 billion)Recurring revenue from shopping malls, hospitality, entertainment and leisure businesses increased to AED 5.976 billion (US$ 1.627 billion), 38% of total revenueQ4 (Oct to Dec) 2016 net profit increases 56% to AED 1.613 billion (US$ 439 million);Q4 revenue grew by 16% to AED 4.437 billion (US$ 1.208 billion)Total sales of Dubai real estate in FY 2016 valued at AED 14.4 billion (US$ 3.92 billion), 41% increase over FY 2015During FY 2016, witnessed the unveiling of ‘The Tower at Dubai Creek Harbour,’ and opening of the iconic Dubai Opera to public hosting some of world’s best showsOpens the first two Rove hotels, a new contemporary mid-market hotel brand
Dubai, UAE; February 14, 2017: Global developer Emaar Properties PJSC recorded a robust full-year 2016 net profit of AED 5.233 billion (US$ 1.425 billion), 28 per cent higher as compared to the FY 2015 net profit of AED 4.082 billion (US$ 1.111 billion). Emaar achieved FY 2016 revenues of AED 15.540 billion (US$ 4.231 billion), an increase of 14 per cent over FY 2015 revenues of AED 13.661 billion (US$ 3.719 billion).

Highlighting the strength of its diversified business model, recurring revenues from Emaar’s shopping malls, hospitality, entertainment and leisure businesses for 2016 was AED 5.976 billion (US$ 1.627 billion) similar to 2015, despite the ongoing redevelopment at The Address Downtown Dubai. The recurring revenue businesses now account for 38 per cent of the total Group revenue.

Emaar’s international operations recorded revenue of AED 2.665 billion (US$ 726 million) during FY 2016 accounting for 17 per cent of the total Group revenue.

With increase in revenue contribution from real estate, the performance of the malls and hospitality businesses, the fourth-quarter (October to December) 2016 net profit of Emaar increased by 56 per cent to AED 1.613 billion (US$ 439 million) compared to Q4 2015 net profit of AED 1.034 billion (US$ 281 million), and 41 per cent higher than the Q3 (July to September) 2016 net profit of AED 1.145 billion (US$ 312 million).

Revenue for Q4 2016 was AED 4.437 billion (US$ 1.208 billion), 16 per cent higher than the Q4 2015 revenue of AED 3.812 billion (US$ 1.038 billion), and 15 per cent more than the Q3 2016 revenue of AED 3.846 billion (US$ 1.047 billion).

Emaar has handed over around 41,500 residential units, 33,947 of them in Dubai. Highlighting its strong development potential, Emaar has a land bank of 190 million sq m globally including a significant 25 million sq m in the UAE.

Investments in premium real estate contributed to robust property sales in Dubai during 2016 at AED 14.4 billion (US$ 3.92 billion), which is 41 per cent higher than the FY 2015 sales value of AED 10.23 billion (US$ 2.79 billion). Sales across various international markets in 2016 were valued at AED 3.9 billion (US$ 1.1 billion). The Group now has a backlog of AED 42.977 billion (US$ 11.701 billion) to be recognized in the next few years, underlining its strong financial fundamentals.

Highlighting the confidence of regional and international investors in Emaar, in 2016 the company concluded a US$ 750 million Sukuk listed on Nasdaq Dubai at competitive pricing.

Future Now strategy

Mohamed Alabbar, Chairman of Emaar Properties, said that the impressive growth achieved by the company in 2016 underlines the success of the company’s long-term investments in creating sustained value for its stakeholders.

He added: “Emaar’s growth reflects the dynamism of the UAE, which has evolved as a global hub for business and leisure. As the nation sets new milestones in futuristic developments, Emaar will continue to invest in next-generation technology to deliver modern lifestyles that meet the lifestyle aspirations of our youth and future generations.

“This ‘future now’ strategy sets the foundation for our growth in the coming years, which reflects the growth aspirations of Dubai as a smart and sustainable city, steered by the visionary leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai.”

New icons of the future

Emaar’s strategy of shaping the future today was defined in 2016 with Dubai Hills Estate, the 11 million sq m ‘green city within the city,’ which will also feature a world-class retail hub and is set around an 18-hole championship golf course.

Emaar has set another new milestone in urban development with the launch of The Tower in Dubai Creek Harbour, billed to be one of the iconic attractions in the world, and set in the heart of a 6 sq km mega-development. Also featuring a retail district for high-end brands, Dubai Creek Harbour creates a brand-new skyline for the nation.

Emaar has also launched Emaar South, a next-generation lifestyle destination in the new aviation and logistics hub of the city, Dubai South.

Having created tremendous value to the economy through Downtown Dubai, Emaar delivered a compelling icon in the 500-acre mega-development – Dubai Opera in The Opera District. A cultural hub, it serves as a magnet for talent from across the world, and is a must-visit attraction for visitors to the city.

Proven strength in malls and hospitality

Emaar Malls (DFM: EMAARMALLS), the shopping malls & retail business majority-owned by Emaar Properties, recorded a net profit of AED 1.874 billion (US$ 510 million) during 2016, an increase of 13 per cent over the FY 2015 net profit of AED 1.656 billion (US$ 451 million). FY 2016 revenue recorded a growth of 8 per cent to AED 3.227 billion (US$ 879 million) compared to FY 2015 revenue of AED 2.992 billion (US$ 815 million).

The shopping malls assets of Emaar Malls together welcomed 125 million visitors during 2016, similar to annual footfall during 2015. The Dubai Mall set a similar footfall level of 80 million visitors for third consecutive year despite ongoing expansion in and around the mall, reiterating its reputation as the world’s most-visited retail and lifestyle destination.

With a gross leasable area of about 6 million sq ft in Dubai, Emaar Malls is on schedule with the expansion of The Dubai Mall’s Fashion Avenue by another 1 million sq ft built-up area this year. Over 150 international brands will be added apart from some of Dubai’s first international F&B and leisure choices. Additionally, The Dubai Mall will undertake the Boulevard, Fountain Views and Zabeel expansions adding new retail and leisure attractions.

The hospitality & leisure, commercial leasing and entertainment business of Emaar recorded revenues of AED 2.749 billion (US$ 748 million) during the year ended 31 December 2016.

Average occupancy of hotels under Emaar Hospitality Group in Dubai during the year ended 31 December 2016 was 85%, higher than the industry average and 5 per cent higher than last year.

Rove Hotels, a new contemporary mid-market hotel and residences brand (a joint venture with Meraas Holding), opened two hotels – Rove Downtown Dubai and Rove City Centre in 2016. In all 10 Rove Hotels will open in Dubai, adding over 3,700 rooms, just in time for Expo 2020. Emaar Hospitality Group is also expanding its portfolio to international markets with projects in Saudi Arabia, Bahrain, Egypt and Turkey and a development pipeline of about 35 hotels and serviced residences in Dubai and international markets.

Developer of the Year

Emaar won the prestigious recognition as the ‘Developer of the Year’ at the Arabian Business Achievement Awards 2016. It highlights Emaar’s proven track-record in delivering consistent value for its stakeholders, and its strong competencies in delivering premium real estate assets in Dubai and other international markets.

Net profit for Q3 2016 of AED 1.145 billion (US$ 312 million), 36% higher than during the same period in 2015Revenue for the first nine months of 2016 is AED 11.103 billion (US$ 3.023 billion), 13% higher than during the same period in 2015Shopping malls & retail, and hospitality & leisure businesses record recurring revenues of AED 4.278 billion (US$ 1.165 billion), 39% of the total revenueProperty sales in Dubai at AED 11.601 billion (US$ 3.158 billion), 54% higher than the same period in 2015 underlining the strong demand for homes in Emaar’s developmentsThe iconic dhow-shaped Dubai Opera, a hub performing arts in Dubai, unveiled to public during Q3 2016Unveils golf course master planned development in Dubai South with the launch of Urbana, a staked townhouse project
Dubai, UAE; November 8, 2016: Global property developer Emaar Properties recorded 19 per cent growth in net profit to AED 3.620 billion (US$ 986 million) during the first nine months (January to September) of 2016 compared to a net profit of AED 3.048 billion (US$ 830 million) during the same period in 2015.

Revenue for the first nine months of 2016 was AED 11.103 billion (US$ 3.023 billion). This is an increase of 13 per cent over the revenue of AED 9.849 billion (US$ 2.681 billion) during the same period last year.

The combined revenue from the shopping malls & retail and hospitality & leisure businesses during the first nine months of 2016 stood at AED 4.278 billion (US$ 1.165 billion), similar to same period in 2015 despite the ongoing development at The Address Downtown Dubai hotel this year. Today, these two business segments account for 39 per cent of the total revenue of Emaar.

Emaar’s international operations recorded revenue of AED 1.696 billion (US$ 462 million) during the first nine months of 2016. This accounts for 15 per cent of the total revenue.

With total sales of AED 14.689 billion (US$ 3.999 billion) during the first nine months of 2016, which is 28 per cent higher than the sales of AED 11.442 billion (US$ 3.115 billion) during the same period last year, Emaar now has a backlog of AED 47.576 billion (US$ 12.953 billion) to be recognised in the next few years. This demonstrates the financial fundamentals of the company and the continued value it will create for its stakeholders.

Positive growth in third-quarter 2016

During the third quarter (July to September) 2016, Emaar recorded a net profit of AED 1.145 billion (US$ 312 million), which is 36 per cent higher than the Q3 2015 net profit of AED 843 million (US$ 230 million).

Revenue for Q3 2016 was AED 3.846 billion (US$ 1.047 billion), 16 per cent higher than the Q3 2015 revenue of AED 3.329 billion (US$ 906 million).

A smart company for the future

Mohamed Alabbar, Chairman of Emaar Properties, said: “Our focus for 2016 has been to maximise operational efficiency and drive profitability, while strengthening our revenue stream through new developments in prime real estate assets, malls and hotels in Dubai.

“The vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, is to create a smart city of the future. This has always been our inspiration to push our boundaries and be more innovative. Dubai Creek Harbour, Dubai Hills Estate and the ongoing expansion of Downtown Dubai are examples of our commitment to create city hubs with digital lifestyle features that meet the aspirations of the future generation.”

Mr. Alabbar said that Emaar is drawing on the potential of digital technologies to enhance efficiency and customer service. “Across all our operations – from project design to development and after-sales service, we are being even more customer-oriented. With technology changing modern lifestyles, we aim to be more agile, responsive and relevant to ensure that we create long-term value for our stakeholders.”

Property sales in Dubai

Emaar recorded significant growth in property sales in Dubai, its primary market. During the first nine months of 2016, sale from its launches in its home-market accounted for AED 11.601 billion (US$ 3.158 billion). This is 54 per cent higher than the sales of AED 7.513 billion (US$ 2.045 billion) in Dubai during the same period in 2015.

The growth in investor base was underpinned by new residential launches in Dubai Creek Harbour, one of the world’s largest mega-developments; Dubai Hills Estate, a premium lifestyle community; and in Downtown Dubai. Emaar unveiled new cultural and touristic icons with the launch of The Tower in Dubai Creek Harbour and the opening of Dubai Opera in Downtown Dubai. Both have catalysed sales of residences in the two communities.

Among the new launches this year are: The Address Residences Dubai Opera, Act One Act Two and Il Primo in Downtown Dubai, premium Fairway & Parkway Vistas and Sidra villas in Dubai Hills Estate, 52/42 prime waterfront development in Dubai Marina; Creek Horizon and Harbour Views in Dubai Creek Harbour.

Emaar also commenced the sales on Emaar South its newest mega-development in Dubai South, just minutes from the Al Maktoum International Airport and in easy proximity to the Expo 2020 Dubai site, with the launch of Urbana stacked townhouses. A dedicated golf district, the nearly 7 sq km Emaar South is one of the key components of the newly planned city. Featuring more than 15,000 residences, the project will be a smart neighbourhood that will also create several hundred new jobs in the hospitality, retail and leisure sectors.

Growth in recurring revenues

Emaar Malls (DFM: EMAARMALLS), the shopping malls & retail business majority-owned by Emaar Properties, recorded a net profit of AED 1.422 billion (US$ 387 million) during the first nine months of 2016, 16 per cent higher than AED 1.221 billion (US$ 332 million) recorded in the same period last year. Revenue during the first nine months of 2016 from the malls business is AED 2.392 billion (US$ 651 million), 10 percent higher than the same period last year.

The hospitality & leisure, commercial leasing and entertainment business of Emaar recorded revenues of AED 1.886 billion (US$ 513 million) during the first nine months of 2016. The average occupancy in the flagship Address + Resorts in Dubai during the first nine months of 2016 was 85 per cent, higher than the industry average and 2 per cent higher than the same period last year. The Address Hotels + Resorts and Vida Hotels and Resorts are expanding its footprint to Bahrain, Egypt and Turkey to operate hotels and serviced residences, as well as across the UAE.

Emaar launched Rove Hotels, a joint venture with Meraas Holding, and opened its first property – Rove Downtown Dubai – to strong guest response. In all, 10 Rove Hotels will open in Dubai, adding over 3,700 rooms, in central locations across the city, just in time for Expo 2020 Dubai. The Address Boulevard Dubai, a brand new addition to the portfolio will open soon, while two new Rove Hotels are expected to be unveiled before year end.

The opening of Dubai Opera, a multi-format venue for opera, theatre, concerts, art exhibitions, orchestra and film, has also energised the hospitality business, in addition to adding to the civic pride of the city.

Emaar has assets valued at over AED 165.7 billion (US$ 45.1 billion) and a land bank of 196 million sq. m in Dubai and international markets. Emaar has handed over more than 40,865 homes to date, cementing its strong track-record in project delivery.

Revenue for the first six months of 2016 is AED 7.257 billion (US$ 1.976 billion), 11% higher than same period in 2015Recurring revenue from shopping malls & retail and hospitality & leisure at AED 2.916 billion (US$ 794 million), 40% of the total revenueProperty sales in Dubai at AED 8.854 billion (US$ 2.411 billion), 45% higher than same period in 2015, highlighting strong investor demand for Emaar’s iconic developmentsLaunch of The Tower in Dubai Creek Harbour marks a new milestone in development strategy of EmaarSecond half of 2016 to be defined by opening of Dubai Opera and ongoing expansion of The Dubai Mall as well as launch of new masterplannned developments
Dubai, UAE; July 31, 2016: Global developer Emaar Properties recorded a robust increase of 12 percent in net profit to AED 2.475 billion (US$ 674 million) in the first six months (January to June) of 2016, compared to the net profit of AED 2.205 billion (US$ 600 million) during the same period last year. The half-year 2016 revenue is AED 7.257 billion (US$ 1.976 billion), 11 percent higher than the H1 2015 revenue of AED 6.520 billion (US$ 1.775 billion).

Underlining the strength of its diversified business model, Emaar’s recurring revenues from its malls & retail and hospitality & leisure segments recorded an impressive AED 2.916 billion (US$ 794 million), which is 40 percent of the total H1 2016 revenue, and in line with the cumulative revenue from these businesses during H1 2015 at AED 2.900 billion (US$ 790 million) despite the ongoing development of The Address Downtown Dubai.

Cementing the success of its international expansion, revenues from Emaar’s global operations were AED 1.032 billion (US$ 281 million) during H1 2016. The global operations now account for 14 percent of the total revenue.

Emaar recorded total sales at AED 10.44 billion (US$ 2.842 billion) during the first half of 2016 and now has a formidable backlog of AED 45.90 billion (US$ 12.50 billion), to be recognised over the next 3 to 4 years, highlighting its fundamentals for long-term profitability.

Strong fundamentals

Mohamed Alabbar, Chairman of Emaar Properties, said that the strong half-year results highlight the success of Emaar’s growth strategy to consolidate its position as the largest developer of iconic projects in Dubai with a sizeable sales backlog, and to build its recurring revenues.

“We are in one of the most exciting phases of our growth story having launched a brand-new icon for the city – The Tower at Dubai Creek Harbour – and the imminent roll-out of Dubai Opera in Downtown Dubai. We are scaling up our malls business with the launch of a Retail District in Dubai Creek Harbour and the expansion of The Dubai Mall. We are also strengthening our hospitality portfolio with 35 new hotels and serviced residences in the UAE and international markets.”

He added: “Our commitment is to create long-term value for our stakeholders, and in this, we are inspired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, to challenge ourselves and push our boundaries. We will continue to explore opportunities to develop new land banks in Dubai through integrated developments that support the Dubai Plan 2021 and the preparations for Expo 2020.”

Positive Second-Quarter 2016

In the second-quarter (April to June) of 2016, Emaar sustained its growth trend with net profit at AED 1.270 billion (US$ 346 million), an increase of 8 percent over the profit during same period in 2015 of AED 1.179 billion (US$ 321 million).

Revenue for Q2 2016 stands at AED 3.728 billion (US$ 1.015 billion), which is higher by 7 percent compared to the Q2 2015 revenue of AED 3.496 billion (US$ 952 million). This was result of Emaar’s focus on on-scheduled construction progress and the achievement of new milestones that contributed to higher revenue recognition.

During Q2 2016, revenue from shopping malls & retail and hospitality & leisure businesses were AED 1.361 billion (US$ 371 million). International revenues in Q2 2016 were also healthy at AED 533 million (US$ 145 million), up by 7 percent compared to the Q1 2016 revenue from global operations at AED 499 million (US$ 136 million).

First choice for homes

Emaar’s property business recorded positive growth during H1 2016 with revenue of AED 4.341 billion (US$ 1.182 billion), which is 20 percent higher than the property business revenue during H1 2015 at AED 3.620 billion (US$ 986 million).

The total property sales for H1 2016 is at AED 10.44 billion (US$ 2.842 billion), an increase of 23 percent over H1 2015 of which AED 8.854 billion (US$ 2.411 billion) of sales is in Dubai, 45 percent higher than the property sales in Dubai during the first six months of 2015.

The Dubai sales were led by the launch of The Address Residences Dubai Opera & Il Primo in Downtown Dubai, premium Fairway Vistas & Sidra villas in Dubai Hills Estate, 52/42 prime waterfront development in Dubai Marina and Harbour Views at Dubai Creek Harbour. Demand for homes in Dubai Creek Harbour spiked with the launch of The Tower.

Growing recurring revenues

Emaar Malls (DFM: EMAARMALLS), the shopping malls and retail business majority-owned by Emaar Properties, reported H1 2016 net profit of AED 987 million (US$ 269 million), 17 percent higher than the net profit of AED 845 million (US$ 230 million) during the same period last year.

Revenue for H1 2016 from the malls business is AED 1.618 billion (US$ 441 million), 11 percent higher than the H1 2015 revenue of AED 1.452 billion (US$ 395 million).

The hospitality & leisure, commercial leasing and entertainment businesses recorded H1 2016 revenue of AED 1.298 billion (US$ 353 million).

Occupancy levels at The Address Hotels + Resorts were 86 percent, higher than the industry average. The Address Boulevard Dubai, a brand new addition to the portfolio will open soon. Emaar launched the first mid-market brand hotel – the Rove Downtown Dubai – this year with nine more Rove hotels scheduled to open in central locations by 2020.

Value for stakeholders

Emaar has been upgraded to Baa3 long-term issuer rating by Moody’s Investor Service with ‘stable’ outlook highlighting its financial strength and ability to create sustained shareholder value through its ongoing projects and assured recurring revenues from its malls and hospitality businesses.

Demonstrating strong value creation, Emaar and Emaar Malls together distributed over AED 2.375 billion (US$ 647 million) in dividends this year. Emaar has handed over more than 40,600 homes already, and has over 14,000 residential units in development in the UAE. With total assets valued at over AED 165.7 billion (US$ 45.1 billion), Emaar has a land bank of 196 million sq m in UAE and international markets that will support its long-term growth.

H1 2016 revenue gains 11% over H1 2015 to AED 1.618 billion (US$ 441 million)Q2 2016 net profit is 11% higher and revenue is 9% higher than Q2 2015The Dubai Mall’s Fashion Avenue and Zabeel expansion progressing as per schedule; new Retail District to be developed in Dubai Creek Harbour; mall and community areas to feature in Dubai Hills Estate
Dubai, UAE; July 27, 2016: Emaar Malls (DFM: EMAARMALLS), the shopping malls and retail business majority-owned by global property developer Emaar Properties (DFM: EMAAR), has reported first-half (January to June) 2016 net profit of AED 987 million (US$ 269 million), 17 percent higher than the net profit of AED 845 million (US$ 230 million) during the same period last year.

Revenue for the H1 2016 is AED 1.618 billion (US$ 441 million), 11 percent higher than the H1 2015 revenue of AED 1.452 billion (US$ 395 million).

Sustaining the growth momentum set, Emaar Malls recorded a net profit of AED 458 million (US$ 125 million) during the second-quarter (April to June) of 2016, an 11 percent growth over the same period last year at AED 412 million (US$ 112 million).

Revenue too recorded sustained growth during Q2 2016 at AED 785 million (US$ 214 million), an increase of 9 percent over Q2 2015 revenue of AED 721 million (US$ 196 million).

Mohamed Alabbar, Chairman of Emaar Malls, said: “Our exceptional portfolio of malls assets has redefined Dubai’s retail sector and contributes significantly to the city’s economy. Our focus has been to offer unprecedented retail choices for our visitors in truly world-class environments. Emaar Malls assets serve as a magnet for visitors from across the world, especially high net worth individuals who now regard Dubai as their go-to destination for luxury retail.

“We are now taking the growth of Emaar Malls to the next level to create long-term value for our stakeholders through the ambitious new Retail District in Dubai Creek Harbour, which will be linked directly to the iconic tower that will welcome visitors from around the world.”

He added: “The robust growth of Emaar Malls during the first-half of the year highlight Dubai’s premier position as a global hub for luxury retail and world-class leisure attractions led by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai. We will continue to build on this momentum, and support the city’s core sectors of tourism and hospitality through innovative and creative approaches to strengthen our malls business.”

Overall gross leasable area (GLA) occupancy across the assets of Emaar Malls remained 96 percent during the first half of 2016, similar to the previous year. Emaar Malls has distributed a cash dividend of 10 percent of the share capital, equivalent to AED 1.3 billion (US$ 354 million), setting a new benchmark in value creation for the company’s shareholders. In addition to the new Retail District in the Dubai Creek Harbour Emaar Malls is expanding The Dubai Mall’s Fashion Avenue by 1 million sq ft built up area to deliver over 600,000 sq ft gross leasable area, in addition to plans for the mall’s Boulevard expansion, Fountain Views and Zabeel expansions.

Dubai Hills Estate, the 11 million sq. m master-planned community easily accessible from Mohammed bin Zayed and Sheikh Zayed Road, will also feature a centrally located mall and community retail areas as well as a boutique mall for high-end brands.

Emaar Malls is also developing the Springs Village with over 245,000 sq ft gross leasable area in addition to expanding its community malls brand, ‘The Souk.’ The first under the portfolio – The Ranches Souk in Arabian Ranches II – is today a thriving community retail centre. ‘The Souk’ is being rolled out across its existing assets including The Meadows and The Springs and future community malls projects.