Emaar Malls, a shopping and retail business majority-owned by Emaar Properties, reported an increase of 16% in its net profit to AED 1.42 bn in the first nine months of 2016, up from AED 1.22 bn in the same period last year, according to an earnings release on Sunday.

Net profit in the third quarter amounted to AED 435 mn, also an increase of 16% compared to the same period last year while total revenues of the company increased by 10% to AED 2.39 bn.

Occupancy rates of the company stood at 96% for its gross leasable area of currently around 6 mn square feet, roughly the same as last year.

Among the notable investments of the firm are the expansion of The Dubai Mall’s Fashion Mall by a 1 mn square feet built up area.