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).