Majid Al Futtaim announces plans to double in size

Majid Al Futtaim is planning additional hypermarkets and supermarkets and family entertainment centres.

Majid Al Futtaim (MAF), the company that built Dubai’s indoor ski slope in Mall of the Emirates, plans to double in size in the next five years. The company yesterday posted an 11 per cent increase in revenues to Dh25 billion last year.

"With an ambition to double the size of the business over the next five years, Majid Al Futtaim plans further investment to deliver world-class malls in the region," the company said in a statement yesterday.

MAF is planning additional hypermarkets and supermarkets and family entertainment centres.

“We will continue expanding our geographical footprint across the Middle East and North Africa, bringing innovative new experiences to new populations, with a strong focus on Egypt and Saudi Arabia,” said Iyad Malas, the chief executive of MAF.

“This is in addition to strengthening our assets and competitive position in our home market of the UAE.”

Earnings before interest, taxes, depreciation and amortization (Ebitda) from recurring operations increased 10 per cent to reach Dh3.6bn last year, the firm said in a statement yesterday. It had assets of Dh45bn at the end of last year.

MAF, which has the Carrefour hypermarket franchise in the region, plans to open this year a shopping mall in Dubai, and one in Cairo next year. A 10th hotel in Dubai is also planned for 2016.

The retail division’s revenue rose by 11 per cent to Dh21bn and Ebitda grew by 16 per cent to Dh1.1bn, contributing around 32 per cent of the group’s Ebitda.

The property division, which develops, owns and manages the company’s shopping malls, hotels and mixed-use communities, boosted its footfall at its 13 shopping malls by 6 per cent to 167 million consumers last year. Revenue from property rose by 8 per cent to Dh4bn and Ebitda increased by 7 per cent to Dh2.4bn, contributing around 66 per cent of the group’s overall Ebitda.

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