Emaar Malls, the shopping malls and retail business unit of global property developer Emaar Properties, has recorded a net profit of Dh1.874 billion ($510 million) for 2016, up 13 per cent compared to Dh1.6 billion ($451 million) the previous year.

Announcing the results, Emaar Malls said its net profit for the fourth quarter (October to December) grew four per cent to Dh452 million ($123 million) from Dh435 million ($118 million) for the same period in 20115.

The UAE mall developer also saw its revenue grow eight per cent to hit Dh3.2 billion in 2016 compared to Dh2.9 billion the year before.

Commenting on the results, Mohamed Alabbar, the chairman of Emaar Malls and Emaar Properties, said: "As a global business and leisure hub, Dubai is among the top preferred destination for international retailers to expand their operations."

"Emaar Malls has created a dynamic platform of shopping malls that catalyse the growth of Dubai’s retail sector while offering the nation’s residents and visitors with exciting retail and leisure choices," he noted.

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 last year, almost similar to the annual footfall during 2015 despite the regional economic slowdown.

The Dubai Mall too set a similar footfall level of 80 million visitors for three consecutive years despite ongoing expansion in and around the mall, reiterating its reputation as the world’s most-visited retail and lifestyle destination.

The gross leasable area (GLA) occupancy levels averaged 96 per cent during 2016.

"In today’s digital age, we are focused on leveraging advanced technologies to ensure that our visitors have memorable experiences at our malls. We will continue to introduce new innovations, strengthened further with digital strategies to ensure that our malls stay ahead of the curve, and redefine the retail sector," remarked Alabbar.

“The positive growth of the Dubai economy, led by the smart, futuristic vision of HH Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, will continue to power our growth. We are now expanding our footprint with next-generation malls in Dubai Creek Harbour and Dubai Hills Estate that will make the city the first choice for retail,” he noted.

With a gross leasable area of about 6 million sq ft in Dubai, Emaar Malls is expanding The Dubai Mall's Fashion Avenue by another 1 million sq ft of built-up area, said Alabbar.

Over 150 international brnads will be added apart from some of Dubai's first international food and beverage (F&B) and leisure choices.

Additionally new retail and leisure opportunities are being created for retailers and customers with the Boulevard, Fountain Views and Zabeel expansions of The Dubai Mall, he added.-TradeArabia News Service