DUBAI 19 April, 2017: The second annual general meeting of Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties, approved a 10 per cent of the share capital, equivalent to Dh1.301 billion (US$354 million), as cash dividend to the shareholders.
Emaar Malls said it had recorded a net profit of Dh1.874 billion ($510 million) and revenue of Dh3.227 billion ($879 million) in 2016. The shopping malls assets of Emaar Malls – The Dubai Mall, Dubai Marina Mall, Souk Al Bahar, Gold & Diamond Park and the community shopping centres – welcomed 125 million visitors during 2016, with gross leasable area (GLA) occupancy levels averaging at 96 per cent.
With a GLA of about 6 million sqft in Dubai, Emaar Malls is expanding The Dubai Mall’s Fashion Avenue by another one million sq ft built-up area. New retail and leisure opportunities are being created for retailers and customers with the Boulevard, Fountain Views and Zabeel expansions of The Dubai Mall.
New Projects
Emaar Malls is also developing dedicated retail precincts in Dubai Creek Harbour and Dubai Hills Estate. Several community mall projects are also being planned to serve Emaar’s integrated lifestyle developments.
Shareholders of Emaar Malls are requested to update their contact details and addresses with the Dubai Financial Market (DFM) to make sure the dividends are received appropriately, as the payment will be made through DFM.
The assembly also elected a Board of Directors comprising seven members: Mohamed Alabbar, Ahmad Al Matrooshi, Abdulrahman Al Hareb, Abdulla Belyoahah, Helal Saeed Almarri, Mohamed Al Hussaini, and Ali Ibrahim Mohamed Ismail.
Board Reduced
A special resolution was passed by the AGM approving the change in number of Board members from nine to seven.
The AGM also approved the report of the Board of Directors on the activities and financial position of the company as well as the auditor’s report and the company’s balance sheet for the fiscal year ending December 31, 2016. Ernst & Young was chosen as the auditor for 2017.
Addressing the shareholders, Mohamed Alabbar, Chairman of Emaar Malls and Emaar Properties, said “We will strengthen our malls assets with the expansion of The Dubai Mall and the development of retail districts in Dubai Hills Estate and Dubai Creek Harbour, which are designed for the new generation of tech-savvy, trend-conscious customers.”
By Rajive Singh