DUBAI: Emaar Malls said second-quarter profit inched up as its flagship mall attracted 39 million visitors in the first six months of the year.
The mall operator, which was spun from its property developer parent, said in a bourse statement that net profit for the period rose 5 percent to 482 million dirhams ($131 million) compared to a year earlier. The company did not disclose it full financial statements for the period.
“In addition to new retail districts that we are developing in Dubai, we will continue to invest in next-generation technology to transform the retail and shopping mall experience for our visitors including families and tech-savvy youth,” said chairman Mohamed Alabbar.
Dubai retailers are coming under pressure as the strong dollar to which the UAE currency is pegged makes purchases expensive for tourists while more shoppers at home turn to the web.
Emaar Malls assets include the Gold and Diamond Park, Souk Al-Bahar and the flagship Dubai Mall, which attracted 39 million visitors in the first half of the year.
The company is expanding its Fashion Avenue within its flagship mall by an additional 1 million square feet. The extension will add another 150 new brands.
