Dubai PR Network, Online Press Release from Dubai and Middle East
 
Mall, Retail & Hospitality(Real Estate & Retail)
Filter PR by
  
4th Annual General Meeting of Emaar Malls on April 23 to propose AED 1.301 bn (US$ 354 mn) dividend
 

Dubai, UAE; April 21, 2019:   The fourth Annual General Meeting (AGM) of Emaar Malls (DFM: EMAARMALLS), the shopping malls and retail business majority-owned by Emaar Properties (DFM: EMAAR), will be held on Tuesday, April 23, 2019, 2PM, at the Diamond Ballroom at Address Dubai Mall in Downtown Dubai. If the meeting falls short of quorum, the AGM will be held at the same time and venue on Tuesday, April 30, 2019. 

The Emaar Malls AGM will discuss the proposal of the Board of Directors to distribute cash dividends to shareholders amounting to AED 1.301 billion (US$ 354 million), representing 10 per cent of the share capital being 10 fils per share. The meeting will also seek approval of the report by the Board of Directors on the activities and financial position of Emaar Malls, the Auditor’s report, and the company’s balance sheet for 2018. The auditor for 2019 will also be appointed by the assembly. 

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 AED 2.230 billion (US$ 607 million), a growth of 7 per cent over 2017. Revenue for FY 2018 was AED 4.446 billion (US$ 1.210 billion), 23 per cent higher than in 2017. 

Emaar Malls maintained strong occupancy levels across its assets – The Dubai Mall, Dubai Marina Mall, Souk Al Bahar, Gold & Diamond Park and the Community Retail Centres – at 93 per cent. The malls and retail centres together welcomed 136 million visitors in 2018, an increase of 5 per cent over the total visitor footfall of 130 million 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. The mall reiterated its position as the world’s most visited retail and lifestyle destination by welcoming 83 million visitors in 2018, an increase of 4 per cent compared to the 80 million visitors it welcomed annually during the last four consecutive years. 

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 AED 475.5 million (Euro 114.3 million; US$ 129.5 million). 


Posted by : Dubai PR Network Editorial Team
Viewed 7753 times
PR Category : Real Estate & Retail
Posted on : Sunday, April 21, 2019  3:52:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : Union Coop Declares “26.5 % Growth in Net Profit for First Q...
Next Story : Bawadi Mall launches shopping bonanza as part of Retail Abu ...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Pandora ME for Every Side of You [5646-Views]
Your Guide to Choosing the Right Face Mask [4211-Views]
10 Million Plastic Packaging Saved: Grohe Launches Initiative to Reduce Plastic [3350-Views]
Meet the #Sephorasquad Middle East Members! [2977-Views]
Karl Lagerfeld Announces Collaboration With Designer Kenneth Ize [2657-Views]
Taste the Summer With Wild & the Moon's Latest Menu Drop! [2538-Views]
Discover the Perfect Gift This Eid Al Adha From Rasasi Perfumes [2517-Views]
Nahdi Medical Company Transforms its Financial Management with Infor [2464-Views]
Dubai Well Poised for Growth in New Business Entities' [2321-Views]
70 Percent of Businesses Increase or Maintain Digital Transformation Spend Amid Pandemic, ... [2296-Views]
Kia Launches ‘Live Stream Showroom' to Offer Customers an Innovative Digital Experience [2255-Views]
Toric Tourbillon Slate'' [2247-Views]
IMG Worlds is Back This Friday Park Entry Price at AED 20 Only [2243-Views]
Amp Up Your Beauty Routine With New Products From Missha Cosmetics [2218-Views]
Alstom at Forefront of Hygiene & Safety Innovation for Transport & Mobility in a COVID-19 ... [2185-Views]
UAE Ranks in Top 10 on Kpmg's 2020 Global Autonomous Vehicles Readiness Index, for Third C... [2181-Views]
Comprehensive Study of Refugee Children's Academic, Social, and Emotional Learning Outcome... [2173-Views]
Celebrate Eid with Steve Madden [2050-Views]
Three UAE Students Bag Coveted Princess Diana Award for Outstanding Social Initiative [2046-Views]
17-Year Old Smashed a Guinness World Records Title in His Bedroom [2029-Views]
Dubai Sports World Marks Official Opening at Dubai World Trade Centre [2013-Views]
Dubai Startup Hub and Dtec Announce Winners of Emirati Development Programme [1993-Views]
Dubai Culture Wins Excellence Award From Arab Federation for Libraries and Information [1968-Views]
Champion Cleaners Launch New Home and Office Sanitization Service [1919-Views]
Al Habtoor Motors Launches Summer Surprises Stock clearance on Mitsubishi SUVs 2019 Model... [1911-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories