Emaar announces Dhs1.5b expansion of Dubai Mall
Emaar Properties has announced a monumental expansion of Dubai Mall, which will include 240 new luxury stores and food and beverage outlets. This project represents an investment of Dhs1.5 billion, and the contractor is already mobilising on-site.
Announcing the impressive enhancement, Mohamed Alabbar stated, “The new Dubai Mall expansion is a great addition to one of the most visited sites in the world. We extend our gratitude to our esteemed guests and loyal customers, as well as our partners, retailers, and government authorities for their unwavering support. This expansion reflects Dubai’s ambitious vision to remain at the forefront of global innovation and culture, further solidifying our city’s position as a top global destination.”
In 2023, Dubai Mall became the most visited place on Earth achieving a new attendance record with 105 million visitors, a 19% increase from the previous year, coupled with exceptionally strong sales.
The momentum continues in 2024, as Dubai Mall remains a global retail and leisure icon, offering innovative experiences while maintaining high customer satisfaction ratings.
Emaar Properties has released recently its financial results for the first quarter of 2024, showcasing consistent resilient performance and operational efficiency across its various businesses.
Emaar achieved its highest ever quarterly group property sales in Q1 2024, totalling Dhs13.5 billion (US$ 3.7 billion), reflecting a robust 47 per cent growth compared to Q1 2023.
Emaar recorded revenues of Dhs6.7 billion (US$ 1.8 billion), and net profit before tax of Dhs4.3 billion (US$ 1.2 billion), which grew by 16 percent compared to the same period last year.
Supported by incremental property sales, Emaar’s revenue backlog from property sales reached Dhs78.3 billion (US$ 21.3 billion) as of March 2024, growing by 9 per cent from December 2023. This backlog represents future revenue from property sales to be recognised over the next 4-5 years.
Mohamed Alabbar said, “Emaar started the year with a strong performance, which reflects our focused approach towards sustainable growth and our commitment to customer satisfaction. Our investments have been strategic and result-oriented, leading to solid returns. We are driven by a clear strategy and a pragmatic approach to business, ensuring we add more value for our stakeholders. Our confidence in executing our business plans remains high, and we continue to play a crucial role in the economic landscape of Dubai and beyond.”
Emaar Properties recently announced robust Q1 2023 financial results attributed to ‘good’ property sales performance and operational excellence across its businesses, the property giant said in a statement today.
Emaar reported revenue of Dhs6.3 billion (US$ 1.7 billion) in the first quarter of 2023, supported by increased tourism, retail sales and demand for real estate projects in Dubai. Emaar recorded an EBITDA and net profit for the first quarter of 2023 of Dhs4.0 billion (US$ 1.1 billion) and Dhs 3.2 billion (US$ 873 million), respectively, which is an increase of 26 per cent and 43 per cent, respectively, compared to the first quarter to 2022.
In the first quarter of 2023, Emaar’s group property sales reached Dhs 9.2 billion (US$ 2.5 billion), an 11 per cent increase compared to Q1 2022. Emaar’s revenue backlog from property sales increased to Dhs 55.7 billion (US$ 15.2 billion), which will be recognised as revenue in the coming years.
Inaugurated in 2008, Dubai Mall is the epicentre of modern retail and leisure in Dubai. It is the world’s second largest shopping malls, measuring an impressive 1.2 million
square metres. It has more than 1,200 retail outlets, including two anchor department stores, Galeries Lafayette and Bloomingdale’s, along with over 200 international dining experiences. Its wide range of entertainment and leisure attractions include the Dubai Aquarium and Underwater Zoo, Reel Cinema’s impressive 24-screen-cineplex, KidZania Dubai, Play DXB, Dubai Ice Rink, Ekart and Zabeel Sports District. These attractions,
added to Fashion Avenue, which was inaugurated in 2018, further confirms Dubai Mall’s reputation as a symbol of luxury and innovation, contributing to Dubai’s international reputation as a prime tourist destination.
