The retail sector, which accounts for 26.6 per cent of total GDP, grew 0.9 per cent.  Anna Nielsen / The National
The retail sector, which accounts for 26.6 per cent of total GDP, grew 0.9 per cent. Anna Nielsen / The National

Emaar Malls third quarter net profit up 11%, beats estimates



Emaar Malls, the retail business majority-owned by Emaar Properties that operate Dubai Mall, posted an 11 per cent increase in third quarter net profit, beating an analyst's forecast, as the company benefited from the acquisition of online retailer Namshi.

Net profit in the three months ending September 30 reached Dh485 million compared with Dh435 a year earlier, the company said in a statement to the Dubai Financial Market.

The results beat a Dh441m forecast by an analyst polled by Bloomberg. Third quarter net revenue rose 13 per cent to Dh876m compared with Dh774m.

Emaar Malls completed in August its acquisition of a 51 per cent stake in fashion retailer Namshi for $151m, wrapping up its hunt to land a significant e-commerce asset after it tried to buy Souq.com earlier this year, whch was aquired by ecommerce giant Amazon. Namshi’s sales rose 39 per cent to Dh196m in the third quarter from a year-earlier period, the company said.

“In addition to introducing advanced technologies that add value to customers and retailers, Emaar Malls is investing in digital platforms to offer more and varied choices for people across multiple channels,” said Mohamed Alabbar, chairman of Emaar Malls and Emaar Properties.

The Dubai Mall, Dubai Marina Mall, Souk Al Bahar, Gold & Diamond Park and community shopping centres welcomed more than 95 million visitors in the first nine months of the year, an increase of 5 per cent over the same period in 2016.

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Dubai Mall, the company’s flagship property, received a record 58 million visitors in the first nine months of this year.

Occupancy across Emaar Mall’s properties, which have a gross leasable area of 6 million square feet, averaged 95 per cent during the first nine months of this year.

Emaar Properties, the UAE’s largest listed developer, opened last week the subscription of its initial public offering of a 20 per cent stake in its real estate development business, Emaar Development.

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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How does ToTok work?

The calling app is available to download on Google Play and Apple App Store

To successfully install ToTok, users are asked to enter their phone number and then create a nickname.

The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.

Users can also invite other contacts to download ToTok to allow them to make contact through the app.

 

NO OTHER LAND

Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal

Stars: Basel Adra, Yuval Abraham

Rating: 3.5/5

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

Essentials
The flights: You can fly from the UAE to Iceland with one stop in Europe with a variety of airlines. Return flights with Emirates from Dubai to Stockholm, then Icelandair to Reykjavik, cost from Dh4,153 return. The whole trip takes 11 hours. British Airways flies from Abu Dhabi and Dubai to Reykjavik, via London, with return flights taking 12 hours and costing from Dh2,490 return, including taxes. 
The activities: A half-day Silfra snorkelling trip costs 14,990 Icelandic kronur (Dh544) with Dive.is. Inside the Volcano also takes half a day and costs 42,000 kronur (Dh1,524). The Jokulsarlon small-boat cruise lasts about an hour and costs 9,800 kronur (Dh356). Into the Glacier costs 19,500 kronur (Dh708). It lasts three to four hours.
The tours: It’s often better to book a tailor-made trip through a specialist operator. UK-based Discover the World offers seven nights, self-driving, across the island from £892 (Dh4,505) per person. This includes three nights’ accommodation at Hotel Husafell near Into the Glacier, two nights at Hotel Ranga and two nights at the Icelandair Hotel Klaustur. It includes car rental, plus an iPad with itinerary and tourist information pre-loaded onto it, while activities can be booked as optional extras. More information inspiredbyiceland.com

In numbers: PKK’s money network in Europe

Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010

Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille

Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm

Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year

Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013 

A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

'O'
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Ms Yang's top tips for parents new to the UAE
  1. Join parent networks
  2. Look beyond school fees
  3. Keep an open mind
UAE currency: the story behind the money in your pockets