Emaar Malls set for 2020 opening of Dubai Hills Mall, Time Out Market

Emaar Malls posted a 5% rise in revenue to $1.272bln in 2019

The Dubai Mall. Image for illustrative purposes.

The Dubai Mall. Image for illustrative purposes.

Emaar/ Handout via Zawya

Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties, is set to open Dubai Hills Mall in Dubai Hills Estate in Q4 2020.

The 2 million square foot retail establishment will feature nearly 550 retail and entertainment destinations including four major family entertainment and leisure centres along with a cineplex, hypermarket, seven anchor retail experience stores, and over 7,000 parking spaces.

Emaar Malls posted a 5 percent rise in revenue to AED 4.673 billion ($ 1.272 billion) in 2019, compared to AED 4.446 billion ($ 1.210 billion) in 2018.

Its overall net profit amounted to AED 2.286 billion ($ 622 million) in 2019 compared to 2.230 billion dirhams ($607 million) in 2018. Revenue grew by 4 per cent to 1.261 billion dirhams ($343 million) during the last quarter of 2019 (October to December) when compared to same period in 2018.

In line with its strategy to further enhance its community retail centres, the mall developer is also redeveloping Meadows Village to increase its GLA [Gross Leasable Area] by approximately 95,000 sq.ft, and is scheduled for completion in 2020.

Emaar Malls has partnered with UK-based Time Out Group to open the first Time Out Market in the region at Souk Al Bahar, an Arabic-style retail, entertainment and dining destination right at the heart of Downtown Dubai.

Time Out Market, a premium food and beverages destination, is expected to open in Q4 2020 and will occupy 30,000 sq.ft, accommodating around 670 seats.

(Writing by Seban Scaria seban.scaria@refinitiv.com , editing by Anoop Menon)

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© ZAWYA 2020

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