Dubai's Emaar Malls says profit up 23 pct in 2015

Emaar Malls, the shopping and retail arm mostly owned by Dubai's Emaar Properties giant, said Sunday its annual profit surged 23 percent to $451 million in 2015, as rental income increased.

Net profit reached 1.66 billion dirhams ($451 million) in 2015, compared with 1.35 billion dirhams the year before, said the company which owns Dubai Mall -- one of the world's largest shopping centres.

In the fourth quarter, Emaar Malls saw net profit rise 16 percent on year to 435 million dirhams.

The company said its rental income grew by 11 percent to 2.99 billion in 2015, with occupancy levels reaching 96 percent in the same year.

"The retail sector is a key contributor to Dubai's economy, said chairman Mohamed Alabbar.

"Emaar Malls assets mark a significant contribution to defining our city as must-visit destination for retail and leisure."

The company said Dubai Mall attracted 80 million visitors in 2015, claiming it has cemented its position as "the world's most-visited shopping and leisure destination".

In addition to Dubai Mall, the company's portfolio includes the adjacent Arabesque-style Souk Al-Bahar, Marina Mall and Gold & Diamond Park.

Emaar Properties, the parent group of Emaar Malls, is the largest listed company on the Dubai Financial Market. It was behind several landmark property developments, including the world's tallest tower, Burj Khalifa.

Photo: thepeninsulaqatar.com