Emaar Malls, a unit of Dubai’s biggest listed developer, Emaar Properties, reported an 86 per cent increase in third-quarter net profit owing to higher revenue as Dubai's retail sector continued to benefit from an improving economy.
Net profit for the three months to the end of September rose to Dh448 million ($122m), the company said in a statement to the Dubai Financial Market, where its shares are traded.
Third-quarter revenue increased by 36 per cent to Dh1.14 billion.
Emaar Malls' e-commerce platform Namshi recorded sales worth Dh320m during the third quarter, the company said.
The economy of Dubai, the commercial and tourism hub of the Middle East, is forecast to expand 3.1 per cent in 2021, helped by effective policy measures to minimise the impact of the coronavirus pandemic, according to data from the Department of Economic Development.
The emirate’s gross domestic product is expected to increase by 3.4 per cent in 2022.
Tourism and property sectors that are essential to Dubai's economy have made a significant recovery following stimulus packages worth Dh7.1bn since the outbreak of pandemic to support the economy, businesses and people.
The emirate's wholesale and retail trade sector is expected to regain a large part of its activity and is on track to achieve 4.7 per cent growth in 2021, according to government estimates.
Occupancy levels across Emaar Malls’ establishments remained at 91 per cent during the quarter, the company said.
Emaar Malls' net profit during the first nine months of this year soared by 83 per cent to reach Dh1bn.
In October, Emaar Properties said its shareholders approved its merger plans with Emaar Malls.
The merger, which was announced in March, has already received an approval from the Securities & Commodities Authority in September.
Emaar Malls’ shareholders will receive 0.51 Emaar Properties shares for every Emaar Malls share held.
The language of diplomacy in 1853
Treaty of Peace in Perpetuity Agreed Upon by the Chiefs of the Arabian Coast on Behalf of Themselves, Their Heirs and Successors Under the Mediation of the Resident of the Persian Gulf, 1853
(This treaty gave the region the name “Trucial States”.)
We, whose seals are hereunto affixed, Sheikh Sultan bin Suggar, Chief of Rassool-Kheimah, Sheikh Saeed bin Tahnoon, Chief of Aboo Dhebbee, Sheikh Saeed bin Buyte, Chief of Debay, Sheikh Hamid bin Rashed, Chief of Ejman, Sheikh Abdoola bin Rashed, Chief of Umm-ool-Keiweyn, having experienced for a series of years the benefits and advantages resulting from a maritime truce contracted amongst ourselves under the mediation of the Resident in the Persian Gulf and renewed from time to time up to the present period, and being fully impressed, therefore, with a sense of evil consequence formerly arising, from the prosecution of our feuds at sea, whereby our subjects and dependants were prevented from carrying on the pearl fishery in security, and were exposed to interruption and molestation when passing on their lawful occasions, accordingly, we, as aforesaid have determined, for ourselves, our heirs and successors, to conclude together a lasting and inviolable peace from this time forth in perpetuity.
Taken from Britain and Saudi Arabia, 1925-1939: the Imperial Oasis, by Clive Leatherdale
On racial profiling at airports
Pots for the Asian Qualifiers
Pot 1: Iran, Japan, South Korea, Australia, Qatar, United Arab Emirates, Saudi Arabia, China
Pot 2: Iraq, Uzbekistan, Syria, Oman, Lebanon, Kyrgyz Republic, Vietnam, Jordan
Pot 3: Palestine, India, Bahrain, Thailand, Tajikistan, North Korea, Chinese Taipei, Philippines
Pot 4: Turkmenistan, Myanmar, Hong Kong, Yemen, Afghanistan, Maldives, Kuwait, Malaysia
Pot 5: Indonesia, Singapore, Nepal, Cambodia, Bangladesh, Mongolia, Guam, Macau/Sri Lanka
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The fourth season of du Football Champions was launched at Gitex on Wednesday alongside the Middle East’s first sports-tech scouting platform.“du Talents”, which enables aspiring footballers to upload their profiles and highlights reels and communicate directly with coaches, is designed to extend the reach of the programme, which has already attracted more than 21,500 players in its first three years.
The team
Videographer: Jear Velasquez
Photography: Romeo Perez
Fashion director: Sarah Maisey
Make-up: Gulum Erzincan at Art Factory
Models: Meti and Clinton at MMG
Video assistant: Zanong Maget
Social media: Fatima Al Mahmoud
Elvis
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