Landlords

Majid Al Futtaim Lifts Mall Revenue 12% With Footfall "Almost Flat"; Emaar Says It Will Not Discount

The region's bellwether landlord reported record first-half EBITDA of AED 2.5bn (+11%) and net profit of AED 1.8bn (+25%); mall revenue rose 12 percent on "strong leasing activity" while footfall was "almost flat" after the spring disruption. Emaar's Mohamed Alabbar said the conflict could soften Dubai property 5–10 percent, yet Emaar will hold prices. Read-through: the two largest Gulf mall owners grew income on rent, not traffic — and are telling tenants concessions are off the table. That is our reference point in every renewal this quarter.

Sources: The National, 9 Sep · MAF release · The National, 7 Sep · The National, 9 Sep · MAF release · The National, 7 Sep