LONDON: Emaar Malls has recorded an 11 percent increase in its 2017 full-year profits compared to the previous year, on the back of rising visitor numbers to its Dubai shopping centers.
Total net profit reached 2.08 billion dirhams ($566 million), compared to 1.874 billion dirhams in 2016, according to a company filing.
A total of 130 million shoppers visited Emaar’s retail centers in 2017, marking a 4 percent increase on visitor turnout from the year before. Dubai Mall, the company’s flagship development, welcomed 80 million visitors in 2017 for the fourth consecutive year.
“The sustained growth of Emaar Malls highlights the robust performance of our nation’s retail sector, a key contributor to the gross domestic product,” said Mohamed Alabbar, chairman of Emaar Properties and board member of Emaar Malls, in a statement.
Emaar Malls’ revenue reached 3.63 billion dirhams in 2017, a 12 percent increase on the previous year.
Emaar Malls said it was pushing forward with its expansion plans, confirming that work on the new Dubai Hills Mall has started and the development is scheduled to open in late 2019. The shopping center is expected to have more than 750 retail outlets.
The company said work has begun on the expansion of Dubai Mall’s Mohammed bin Rashid Boulevard. It is also developing a new retail center in the Springs Village. Both developments are due to open this year.
Emaar Malls has expanded online as well, completing the acquisition of the web-based fashion retailer Namshi last year.
Visitors lift Emaar Malls profit
Visitors lift Emaar Malls profit
Saudi Arabia’s foreign reserves rise to a 6-year high of $475bn
RIYADH: Saudi Arabia’s foreign reserves climbed 3 percent month on month in January to SR1.78 trillion, up SR58.7 billion ($15.6 billion) from December and marking a six-year high.
On an annual basis, the Saudi Central Bank’s net foreign assets rose by 10 percent, equivalent to SR155.8 billion, according to data from the Saudi Central Bank, Argaam reported.
The reserve assets, a crucial indicator of economic stability and external financial strength, comprise several key components.
According to the central bank, also known as SAMA, the Kingdom’s reserves include foreign securities, foreign currency, and bank deposits, as well as its reserve position at the International Monetary Fund, Special Drawing Rights, and monetary gold.
The rise in reserves underscores the strength and liquidity of the Kingdom’s financial position and aligns with Saudi Arabia’s goal of strengthening its financial safety net as it advances economic diversification under Vision 2030.
The value of foreign currency reserves, which represent approximately 95 percent of the total holdings, increased by about 10 percent during January 2026 compared to the same month in 2025, reaching SR1.68 trillion.
The value of the reserve at the IMF increased by 9 percent to reach SR13.1 billion.
Meanwhile, SDRs rose by 5 percent during the period to reach SR80.5 billion.
The Kingdom’s gold reserves remained stable at SR1.62 billion, the same level it has maintained since January 2008.
Saudi Arabia’s foreign reserve assets saw a monthly rise of 5 percent in November, climbing to SR1.74 trillion, according to the Kingdom’s central bank.
Overall, the continued advancement in reserve assets highlights the strength of Saudi Arabia’s fiscal and monetary buffers. These resources support the national currency, help maintain financial system stability, and enhance the country’s ability to navigate global economic volatility.
The sustained accumulation of foreign reserves is a critical pillar of the Kingdom’s economic stability. It directly reinforces investor confidence in the riyal’s peg to the US dollar, a foundational monetary policy, by providing SAMA with ample resources to defend the currency if needed.
Furthermore, this financial buffer enhances the nation’s sovereign credit profile, lowers national borrowing costs, and provides essential fiscal space to navigate global economic volatility while continuing to fund its ambitious Vision 2030 transformation agenda.
