Emaar Malls records Dhs704m profit despite virus pandemic

Inayat-ur-Rahman, Deputy Business Editor

Emaar Malls held its Annual General Meeting (AGM) and its Board of Directors reflected on the company’s achievements despite the challenging market conditions affected by the Covid-19 pandemic on the global economy and the retail industry.

 The Board of Directors highlighted Emaar Malls efforts to support Dubai Government’s fight against Covid-19 with the implementation of Vaccination Hub at The Dubai Mall. They also highlighted Emaar Malls’ support to their retail tenants’ financial wellbeing and efforts to protect the SME’s by providing more than Dhs 1 billion (US$ 272 million) in rental relief during 2020. The support was further extended until 31 March 2021.

Emaar Malls recorded revenue of Dhs3.508 billion ($ 955 million) in 2020. Overall net profit in 2020 amounted to Dhs 704 million ($192 million).

Mohamed Alabbar, Founder and Managing Director of Emaar Properties, said: “Without the phenomenal contribution of our Shareholders and employees in the previous year, Emaar would not be in its robust position that it is today. In one of the most challenging times in decades, together, we have shown incredible adaptability enabling Emaar Malls to continuously deliver the ultimate shopping and entertainment experience for residents and tourists alike.

“We expect the positive trend to continue in the year ahead as we witness guests returning to our malls and entertainment attractions with optimism. Digital transformation is at the root of our business and we endeavour to intelligently connect and communicate with our customers and shareholders, to support business growth,” Alabbar added.

Sharjah SAIF Zone: The Sharjah Airport International Free Zone (SAIF Zone) has further enhanced and secured its prominent position as a global investors hub following the signing of an investment deal with the Indian Forpack Industries - a leading manufacturer of recycled Kraft Board & Coreboard Paper.

Under the terms of the deal, Forpack Industries is set to establish its first headquarters in the UAE by leasing four warehouses at the SAIF Zone’s U2 area with a total area of 25.833sq.ft.

The deal was signed by Saud Salim Al Mazrouei, Director of Sharjah Airport International Free Zone, and Mr. Samir Lakhani, Chairman of Forpack Industries, in the presence of senior officials from both sides.

According to the MoU, the company’s current capital investment is estimated at Dhs 10 million, and the working annual turnover is targeted for approx. Dhs 50 million per annum, while the business plans include the provision of total packaging solutions, the production and marketing of industrial pallet wrap Stretch film and LLDPE cling film, and the manufacturing of cardboard boxes and tissue paper products.

Welcoming the deal and the joining of Forpack Industries to SAIF Zone’s investors base, Saud Salim Al Mazrouei said: “This agreement represents a new global recognition of the lucrative opportunities provided by the Emirate of Sharjah and SAIF Zone to investors and companies willing to get the most out of growth opportunities in the industrial and logistical services sector in the region, as well as the advantages provided by the “U2 area” which is equipped with new world-class warehouses and state-of-the-art equipment in the field of warehouse engineering and design.

“The Emirate of Sharjah has gained a firm foothold and has become a perfect destination for establishing businesses owing to the availability of sophisticated infrastructure, outstanding logistics services, the strategic location, and the presence of lucrative investment opportunities, thanks to the directives of His Highness Sheikh Dr Sultan Bin Mohammed Al Qasimi, Member of the UAE Supreme Council and Ruler of Sharjah,” added Al Mazrouei.

Al Mazrouei pointed out that attracting such quality investments clearly underpins and bolsters the national strategies and plans and the UAE’s Unified Industrial Brand Identity – Make it in the Emirates, which is one of our key strategic pillars at SAIF Zone, especially that the plastic industry is one of the most important promising manufacturing industries in the UAE and the Gulf region.