Visitors lift Emaar Malls profit

The aquarium at Dubai Mall. The mall is the company’s flagship development and welcomed 80 million visitors in 2017 for the fourth consecutive year. (Reuters)
Updated 14 February 2018
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Visitors lift Emaar Malls profit

LONDON: Emaar Malls has recorded an 11 percent increase in its 2017 full-year profits compared to the previous year, on the back of rising visitor numbers to its Dubai shopping centers.
Total net profit reached 2.08 billion dirhams ($566 million), compared to 1.874 billion dirhams in 2016, according to a company filing.
A total of 130 million shoppers visited Emaar’s retail centers in 2017, marking a 4 percent increase on visitor turnout from the year before. Dubai Mall, the company’s flagship development, welcomed 80 million visitors in 2017 for the fourth consecutive year.
“The sustained growth of Emaar Malls highlights the robust performance of our nation’s retail sector, a key contributor to the gross domestic product,” said Mohamed Alabbar, chairman of Emaar Properties and board member of Emaar Malls, in a statement.
Emaar Malls’ revenue reached 3.63 billion dirhams in 2017, a 12 percent increase on the previous year.
Emaar Malls said it was pushing forward with its expansion plans, confirming that work on the new Dubai Hills Mall has started and the development is scheduled to open in late 2019. The shopping center is expected to have more than 750 retail outlets.
The company said work has begun on the expansion of Dubai Mall’s Mohammed bin Rashid Boulevard. It is also developing a new retail center in the Springs Village. Both developments are due to open this year.
Emaar Malls has expanded online as well, completing the acquisition of the web-based fashion retailer Namshi last year.


German economy defies trade gloom with strong growth

Updated 11 min 8 sec ago
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German economy defies trade gloom with strong growth

  • Germany’s economy, Europe’s biggest, grew by 0.5 percent compared with the previous three-month period
  • Economists had forecast a 0.4 percent increase this time

BERLIN: The German economy accelerated in the second quarter despite the US move to impose new tariffs on Europe, official data showed Tuesday, performing slightly better than economists had expected.
Germany’s economy, Europe’s biggest, grew by 0.5 percent compared with the previous three-month period. That is up from 0.4 percent in the first quarter — a figure that was revised upward Tuesday from the initial reading of 0.3 percent given in May. Economists had forecast a 0.4 percent increase this time.
Its performance in the April-June period was helped by higher private and government spending and by increased investment in equipment and construction, the Federal Statistical Office said. Rising exports were outpaced by increasing imports.
The figure underlined the German economy’s continuing robust performance, with business confidence high and unemployment low despite some disappointing data on factory orders this year and concern about global trade tensions.
It has now grown for 34 of the past 37 quarters, said Carsten Brzeski, an economist at ING in Frankfurt, but he cautioned that “the challenges facing the German economy will increase rather than decrease.”
Those include the specter of a possible escalation of trade tensions, despite a recent deal to defuse a US-European Union dispute, geopolitical risks such as that posed by events in Turkey and a shortfall in investment and structural reforms at home, he said.
In year-on-year terms, the economy expanded by 2.3 percent in the second quarter.