Emaar Malls, a unit of Dubai’s biggest listed developer, Emaar Properties, reported an 86 per cent increase in third-quarter net profit owing to higher revenue as Dubai's retail sector continued to benefit from an improving economy.
Net profit for the three months to the end of September rose to Dh448 million ($122m), the company said in a statement to the Dubai Financial Market, where its shares are traded.
Third-quarter revenue increased by 36 per cent to Dh1.14 billion.
Emaar Malls' e-commerce platform Namshi recorded sales worth Dh320m during the third quarter, the company said.
The economy of Dubai, the commercial and tourism hub of the Middle East, is forecast to expand 3.1 per cent in 2021, helped by effective policy measures to minimise the impact of the coronavirus pandemic, according to data from the Department of Economic Development.
The emirate’s gross domestic product is expected to increase by 3.4 per cent in 2022.
Tourism and property sectors that are essential to Dubai's economy have made a significant recovery following stimulus packages worth Dh7.1bn since the outbreak of pandemic to support the economy, businesses and people.
The emirate's wholesale and retail trade sector is expected to regain a large part of its activity and is on track to achieve 4.7 per cent growth in 2021, according to government estimates.
Occupancy levels across Emaar Malls’ establishments remained at 91 per cent during the quarter, the company said.
Emaar Malls' net profit during the first nine months of this year soared by 83 per cent to reach Dh1bn.
In October, Emaar Properties said its shareholders approved its merger plans with Emaar Malls.
The merger, which was announced in March, has already received an approval from the Securities & Commodities Authority in September.
Emaar Malls’ shareholders will receive 0.51 Emaar Properties shares for every Emaar Malls share held.
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F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
KILLING OF QASSEM SULEIMANI
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
Mohammed bin Zayed Majlis
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
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- DLD registration fee can be paid through banks or credit cards at zero interest rates
Batti Gul Meter Chalu
Producers: KRTI Productions, T-Series
Director: Sree Narayan Singh
Cast: Shahid Kapoor, Shraddha Kapoor, Divyenndu Sharma, Yami Gautam
Rating: 2/5
MATCH INFO
Uefa Champions League semi-finals, second leg:
Liverpool (0) v Barcelona (3), Tuesday, 11pm UAE
Game is on BeIN Sports
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Virtual banks explained
What is a virtual bank?
The Hong Kong Monetary Authority defines it as a bank that delivers services through the internet or other electronic channels instead of physical branches. That means not only facilitating payments but accepting deposits and making loans, just like traditional ones. Other terms used interchangeably include digital or digital-only banks or neobanks. By contrast, so-called digital wallets or e-wallets such as Apple Pay, PayPal or Google Pay usually serve as intermediaries between a consumer’s traditional account or credit card and a merchant, usually via a smartphone or computer.
What’s the draw in Asia?
Hundreds of millions of people under-served by traditional institutions, for one thing. In China, India and elsewhere, digital wallets such as Alipay, WeChat Pay and Paytm have already become ubiquitous, offering millions of people an easy way to store and spend their money via mobile phone. Indonesia, Vietnam and the Philippines are also among the world’s biggest under-banked countries; together they have almost half a billion people.
Is Hong Kong short of banks?
No, but the city is among the most cash-reliant major economies, leaving room for newcomers to disrupt the entrenched industry. Ant Financial, an Alibaba Group Holding affiliate that runs Alipay and MYBank, and Tencent Holdings, the company behind WeBank and WeChat Pay, are among the owners of the eight ventures licensed to create virtual banks in Hong Kong, with operations expected to start as early as the end of the year.
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Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
MORE ON CORONAVIRUS & THE ECONOMY
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Brief scores:
QPR 0
Watford 1
Capoue 45' 1
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
