The fourth Annual General Meeting (AGM) of Emaar Malls, approved the distribution of Dhs1.301 billion ($354 million) dividend, representing 10 per cent of the share capital being 10 fils per share, to the shareholders.

The meeting also approved the report by the Board of Directors on the activities and financial position of the Emaar Malls, the Auditor’s report, and the company’s balance sheet for 2018. KPMG was appointed as the auditor for 2019.

Mohamed Alabbar, Chairman of Emaar Properties and Board Member of Emaar Malls, said, “Emaar Malls has consistently outperformed the market and continues to drive the growth of Dubai’s retail sector, supported by the robust fundamentals of the economy. By creating urban lifestyle destinations that integrate omnichannel retail and leisure, Emaar Malls is among the top choice for global retailers to strengthen their business. We are thankful to our shareholders for their trust in us, which inspires us to develop innovative unique destinations that will shape the future of retail in Dubai.»

One of the world’s largest mall operators with a total gross leasable area of 6.7 million square feet, Emaar Malls recorded full-year 2018 net profit of Dhs2.230 billion ($ 607 million), a growth of 7 per cent over 2017. Revenue for FY 2018 was Dhs4.446 billion ($1.210 billion), 23 per cent higher than in 2017.

The Dubai Mall, the flagship assets of Emaar Malls, marked a milestone in 2018, celebrating its tenth anniversary and opening the Fashion Avenue expansion. With the addition of over 150 new retail outlets as part of the Fashion Avenue expansion, the mall now has over 1,350 retailers and 170 plus F&B choices.

As part of its omnichannel retail strategy, Emaar Malls fully acquired Namshi, the leading regional fashion e-commerce retailer this year. This follows the Group acquiring the remaining stake of Global Fashion Group, GFG, in Namshi, in an all-cash transaction of Dhs475.5 million ($129.5 million).

Among upcoming projects of Emaar Malls include Dubai Square, which integrates indoor and outdoor retail, and to be linked to the Dubai Creek Tower, the new global icon taking shape in Dubai Creek Harbour. Emaar Malls has also commenced work on The Dubai Mall’s Fountain Views and Zabeel extensions that link The Dubai Mall to the Sheikh Mohammed Bin Rashid Boulevard and Financial Centre Road respectively. Both extensions will open in the coming months.

Emaar is set to open Dubai Hills Mall, a family retail district in Dubai Hills Estate next year, which will offer a GLA of about 2 million sq. ft. In Community Retail Centres, Emaar Malls is redeveloping Meadows Village to increase its GLA by approximately 75,000 sq. ft. It is scheduled for completion in late 2019. Meanwhile, Emaar Development, the UAE build-to-sell property development business majority-owned by Emaar Properties approved the distribution of Dhs1.04 billion ($283.15 million) dividend, representing 26 per cent of the share capital being 26 fils per share, to the company’s shareholders.

Last year, Emaar Development recorded a growth in net profit of 42 per cent to Dhs3.901 billion ($1.062 billion), compared to 2017. Total revenue for 2018 was Dhs15.433 billion ($4.202 billion), an increase of 74 per cent over the previous year. Highlighting the strong investor interest for Emaar’s residential launches, the company reported record sales of Dhs14.240 billion ($ 3.877 billion) in 2018.

During 2018, Emaar Development launched for sale over 6,500 residential units in Dubai, which recorded positive investor response, including from international buyers. The company has nine destinations in Dubai with over 29,800 homes currently under development.

The meeting also approved the report on the activities and financial position of the company for the year ending December 31, 2018; the Auditor’s report; and the company’s balance sheet. KPMG was appointed as the new auditors for 2019.

Mohamed Alabbar said, “Our strategy for Emaar Development is to consolidate growth and prepare for the next era by continuing to build smart residential communities that meet the aspirations of the new generation of customers. We are also reaching out to international investors, especially from markets such as China, highlighting not only the quality of life that our communities provide but also the significant return on investment. We are thankful to our shareholders for their confidence in us and we will continue to develop iconic destinations that position us as one of the world’s most admired property developers.”

Emaar Development is the leading developer of residential and commercial build-to-sell (BTS) assets in the UAE. The company is behind iconic freehold master-planned communities in Dubai including Emirates Living, Downtown Dubai, Dubai Marina and Arabian Ranches, and has delivered over 35,700 residential units since 2002. The company has a sales backlog of over Dhs36.30 billion, and is a high cash flow generating business, highlighting the robust fundamentals of the company with more than 29,800 residential units under development to be delivered.

Agencies