Emaar Malls records 6% growth in net profit

Updated 16 November 2017

Emaar Malls records 6% growth in net profit

Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties, recorded a net profit of 1.506 billion dirhams ($410 million) during the first nine months of 2017. This is a growth of 6 percent over the net profit of 1.422 billion dirhams ($387 million) during the same period in 2016.
The total revenue for the first nine months of the year was 2.5 billion dirhams ($681 million), which is 5 percent higher than the revenue of 2.39 billion dirhams ($651 million), during the same period last year.
Emaar Malls completed the acquisition of leading Middle East online fashion retailer Namshi on Aug. 16, marking a milestone in its digital-oriented growth. Following Emaar Malls’ acquisition, Namshi recorded sales of 196 million dirhams during Q3 of 2017, an increase of 39 percent compared to the same period in 2016.
Emaar Malls reported Q3 2017 revenue of 876 million dirhams ($238 million), 13 percent higher than Q3 2016 revenue of 774 million dirhams ($211 million), contributed in part by the consolidation of Namshi revenue. Net profit was 485 million dirhams ($132 million) during Q3 2017, an 11 percent growth compared to the third-quarter of 2016. With a gross leasable area (GLA) of 6 million sq. ft in Dubai, GLA occupancy levels across Emaar Malls’ assets averaged 95 percent during the first nine months of 2017.
Underlining the sustained growth of Emaar Malls assets, The Dubai Mall, Dubai Marina Mall, Souk Al-Bahar, Gold and Diamond Park and community shopping centers together welcomed over 95 million visitors during the first nine months of the year, an increase of 5 percent over the same period last year. The Dubai Mall continued to record strong visitor footfall at 58 million during the first nine months of this year, highlighting its credentials as the world’s most visited retail and entertainment destination.
Mohamed Alabbar, chairman of Emaar Malls and Emaar Properties, said: “Emaar Malls achieved its growth through innovative initiatives that are aimed at enhancing the visitor and customer experience. In addition to introducing advanced technologies that add value to customers and retailers, Emaar Malls is investing in digital platforms to offer more and varied choices for people across multiple channels.”
He added: “We are further strengthening the retail sector in Dubai to offer future-ready shopping environments with new projects such as the dedicated high-end retail precinct in Dubai Creek Harbour. With the shifts in shopping trends, it is important to adopt innovative strategies, and we are focused on creating socially and culturally inspiring spaces for people. This will contribute to the goals of Dubai Plan 2021, announced by His Highness Sheikh Mohammed bin Rashid Al-Maktoum, UAE vice president and prime minister and ruler of Dubai, to establish Dubai as the preferred place to live, work and visit.”

Zain advocates ‘New Kuwait’ vision at GITEX

Zain’s dedicated booth at the GITEX Technology Week. (Photo/Supplied)
Updated 16 October 2018

Zain advocates ‘New Kuwait’ vision at GITEX

Zain Kuwait inaugurated its dedicated booth at the Gulf Information Technology Exhibition (GITEX Technology Week 2018). The international event is hosted in Dubai until Oct. 18, where technology leaders and pioneers gather under one roof for five days to showcase the latest tech applications that will enrich the digital world’s revolution. 

The opening ceremony witnessed the visit of Sheikh Hamdan bin Mohammed bin Rashid Al-Maktoum, crown prince of Dubai and chairman of the Executive Council of Dubai, where he was welcomed by Zain Group’s Vice Chairman and Group CEO Bader Nasser Al-Kharafi and Zain Kuwait’s Chief Executive Officer Eaman Al-Roudhan. The ceremony was attended by Kuwaiti Consul General in Dubai Diab Al-Rashidi, as well as Zain’s executive management and strategic partners from global firms.

During his tour at Zain’s booth, Sheikh Hamdan bin Mohammed expressed his admiration of the role Zain plays in transforming the telecom sector in the Middle East, as well as the company’s efforts in advancing innovation within the enterprise sector that witnesses constant leaps of change in the region’s markets. 

GITEX Technology Week, organized by the Dubai World Trade Center and featuring the biggest global companies, organizations, and entities from the telecom and IT industry, is considered one of the biggest events in the industry around world. 

Through its participation in GITEX, Zain aims to showcase its capabilities as an active partner in achieving the goals of the Kuwait National Development Plan (New Kuwait 2035) that stems from Emir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah’s conceptualized vision of a new Kuwait by 2035, which is based on five expected outcomes and seven key pillars. Through its booth at GITEX, Zain provides the technologies required under each of the seven pillars to achieve the goals of the Kuwait National Development Plan. 

At GITEX, Zain offers its latest innovative solutions based on the seven pillars of the Kuwait National Development Plan, which are Smart Security, Smart Education, Smart Health, Smart Mobility, Smart Living, Smart Economy, and Smart Infrastructure. 

The smart solutions Zain showcases at GITEX include solutions for Smart Security, like access control, identity management, mass notification, video surveillance, intercampus communications, and business intelligence. Solutions for Smart Education include connected classrooms and virtual classrooms. Solutions for Smart Health include remote chronic illness management, remote medical collaboration solutions, health care cloud services, and more. 

Zain’s smart solutions also feature solutions for Smart Mobility, including smart parking, remote monitoring, and smart public signage. Solutions for Smart Living include smart districts, energy management, facility management, smart metering, smart lighting, smart benches, digital signage, and smart waste bins. Smart Economy solutions include the smart investment platform, E-Wallet, payment platform, and smart retail. Finally, Smart Infrastructure solutions include the integrated DNX Platform, which enables all individual services to run in a cohesive environment, and synergizes across applications by fusing data and analysis to provide a 360-degree platform view for digital service development, management, and operations.