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Majid Al Futtaim properties revenue soars to $1.08bn

DUBAI, February 1, 2016

Majid Al Futtaim Properties, one of the leading diversified property companies in the Middle East and North Africa (Mena) region, has registered a total revenue of Dh4 billion ($1.08 billion) in 2015, up seven per cent over the year before.

The property unit of Majid Al Futtaim, a leading shopping mall, retail and leisure pioneer in the region, expanded its portfolio in 2015, while the Ebitda rose by nine per cent to Dh2.6 billion ($707 million).

The occupancy across all shopping malls remained strong at 98 per cent, it stated.

With completed expansions at Mall of the Emirates and City Centre Muscat and the opening of City Centre Me’aisem, the company welcomed 171 million customers throughout 2015, up three per cent over 2014.

Alain Bejjani, the CEO of Majid Al Futtaim - Holding, said: "Majid Al Futtaim’s 2015 financial performance has demonstrated the strength and resilience of our business against a backdrop of a regional economic slowdown."

"We’ve achieved this by continually listening to our customers and evolving our offerings in line with their changing needs. During the past year, we enhanced our offering in Dubai, successfully completing a number of retail and leisure projects, including the 36,000 sq m expansion at Mall of the Emirates," he stated.

"We will continue to leverage our local experience and operational excellence across the region, in line with plans to create more great moments for more customers in more countries. With several large scale developments currently in the pipeline in Saudi Arabia, Egypt, and Africa, we are well positioned to fully leverage the significant growth potential of the Middle East and North/East Africa region,” he added.  

According to him, Majid Al Futtaim’s expansion programmes are progressing as per schedule.

Although UAE remains the core focus for the company, it is on track to solidify its presence in Egypt, Saudi Arabia and Oman, and establish a stronger foothold in Africa and Eurasia through its Carrefour business, he stated.

Majid Al Futtaim has announced plans to develop a second My City Centre, a 5,000 sq m mall in Al Barsha that is expected to be completed in the third quarter of 2016.

The group is also expanding its presence with shopping mall concepts in Saudi Arabia.- TradeArabia News Service




Tags: Dubai | Majid Al Futtaim | properties | Revenue |

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