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.


Saudi energy minister compares electric vehicle ‘hype’ to peak oil misconceptions

Updated 57 min 11 sec ago
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Saudi energy minister compares electric vehicle ‘hype’ to peak oil misconceptions

  • Khalid Al-Falih on Monday questioned what he described as the “hype” of the electric vehicle market
  • Compared it to past misconceptions around the theory of peak oil

LONDON: Saudi Energy Minister Khalid Al-Falih on Monday questioned what he described as the “hype” of the electric vehicle market and compared it to past misconceptions around the theory of peak oil.
He told the CERAWeek energy gathering by IHS Markit in New Delhi that petrol and diesel engines would co-exist with emerging electric and hydrogen fuel cell technologies for much longer than widely expected.
Miscalculations around the pace of electrification could create “serious” risks around global energy security, he said.
“Conventional vehicles today, despite all the hype, represent 99.8 percent of the global vehicle fleet. That means electric vehicles with 0.2 percent of the fleet, only substitute about 30,000 barrels per day of oil equivalent of a total global oil demand of about 100 million barrels.
“Even if those numbers increase by a factor of 100 over the next couple of decades, they would still remain negligible in the global energy mix.”
He said: “History tells us that orderly energy transformations are a complex phenomenon involving generational time frames as opposed to quick switches that could lead to costly setbacks.”
In another broadside aimed at electric vehicles, the Saudi energy minister highlighted past misconceptions about global energy demand growth — and specifically the notion of “peak oil.”
“I remember thought leaders within the industry telling us that oil demand will peak at 95 million barrels per day. Had we listened to them and not invested . . . imagine the tight spot we would be in today.”
“Let’s also remember that in many parts of the world, roughly three fourths of the electricity, which would also power electric vehicles, is currently generated by coal, including here in India. So you could think of any electric vehicle running in the streets of Delhi as essentially being a coal-powered automobile.”
“When it comes to renewables, the fundamental challenge of battery storage remains unresolved — a factor that is essential to the intermittency issue impacting wind and solar power. Therefore the more realistic narrative and assessment is that electric vehicles and renewables will continue to make technological and economic progress and achieve greater market penetration — but at a relatively gradual rate and as a result, conventional energy will be with us for a long, long time to come.”