The owner of retail properties including The Dubai Mall, Dubai Marina Mall, Souk Al Bahar, the Ranches Souk and Gold & Diamond Park recorded sales of 4.9 billion dirham ($1.33 billion) with a net profit of 1.8 billion dirham last year, representing a year-on-year rise of 42 percent and 160 percent, respectively.

In a filing of its preliminary full-year results to the Dubai Financial Market, Emaar Malls parent company and Dubai’s largest listed real estate developer, Emaar Properties, said occupancy at its mall properties reached 87 percent in 2021, and added that the business is likely to receive a boost in the short term due to the opening of Dubai Hills Mall in the first quarter of 2022.

Emaar Malls e-commerce fashion and lifestyle platform, Namshi recorded sales of 1.54 billion dirham in 2021, with sales growth driven by consumers in Saudi Arabia, Kuwait and Qatar, where the platform launched early last year.

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