(WAM) — Emaar Malls, the developer of premium shopping malls and retail assets including The Dubai Mall, majority-owned by Emaar Properties, reported revenue of AED2.493 billion (US$ 679 million) for the first nine months of 2020 (January to September).

Emaar Malls reported net profit of AED586 million (US$160 million) for the period ending 30th September 2020, despite the challenges posed by COVID-19. With the footfall gradually normalising and the upcoming holiday season, the outlook for the remainder of the year remains positive.

Commenting on the results of the nine months of 2020, Mohamed Alabbar, Founder of Emaar Properties and Emaar Malls, said, “Emaar Malls continues to show incredible strength and resilience during the pandemic, despite the challenging year for everyone in the retail industry.”

“The results reflect Emaar Malls’ ability to thrive during these testing times. We have worked with retailers to make sure the shopping experience is safe and enjoyable, which includes abiding by the measures set out by the Dubai Government. The result is that we see visitors returning to the malls in higher numbers. We have also extended our Rent Relief Policy for all our tenants until the end of the year.

“We remain optimistic about the immediate future of the retail industry in Dubai during the remainder of 2020 and look forward to seeing tourists and visitors slowly return to the high numbers we’re accustomed to. In the long-term, we are confident that 2021 will see us grow our business once again,” he added.

Emaar Malls continued its growth through omnichannel retailing with a significant contribution to its revenue achieved through Namshi, which was fully acquired by Emaar Malls in 2019. The regional e-commerce fashion and lifestyle platform recorded nine-month revenue at AED933 million (US$254 million), 35 percent higher year-on-year. Its success in the first nine months of 2020 was attributed to the higher rate of online shopping, coupled with exponential growth in the Saudi market.

Occupancy levels across Emaar Malls’ assets – The Dubai Mall, Dubai Marina Mall, Gold & Diamond Park, Souk Al Bahar and the Community Retail Centres – remained stable. The robust 91 percent occupancy in the face of the crisis created by the pandemic demonstrates Emaar Malls’ commitment to its partners, as well as maintaining the highest standards of health and safety.

In line with its strategy to further develop its Community Retail Centres, Emaar Malls redeveloped the Meadows Village Mall to increase its GLA by approximately 95,000 sq. ft., which opened on 29th October 2020. Emaar will also open Dubai South Village Mall in Q4 2020.

Emaar Malls is continuing its partnership with Time Out Group PLC, where the ongoing partnership will see the opening of the region’s first Time Out Market in Souk Al Bahar, where visitors will enjoy food from 16 of Dubai’s top chefs. Set to open by Q1 2021, the Time Out Market will stretch across more than 30,000 sq. ft. with cultural experiences and three lounges accommodating approximately 670 seats.