Majid Al Futtaim has reported strong growth in revenues and profits for 2016, and plans for expansion.
The shopping mall, communities, retail and leisure group which operates across the Middle East, Africa and Asia saw an increase in EBITDA of 8 per cent to reach AED 4 billion. The Group owns Magic Planet and Ski Dubai brands as well as Carrefour and the Mall of Emirates.
Growth was driven by expansion with new hypermarkets, supermarkets and family entertainment centres across the group’s geographic footprint.
Commenting on the results Alain Bejjani, Chief Executive Officer of Majid Al Futtaim – Holding, said, “Our company continues to deliver excellent results, demonstrating the strength of both our business model and our ability to capitalise on new opportunities, while navigating market challenges. This gives us great confidence that we can continue our growth trajectory in 2017, a year that will see us intensify the integration of our offline and online worlds in line with increasing demand for seamless omnichannel experiences. We will also further progress our expansion plans in markets including the UAE, Egypt, Oman, and Saudi Arabia.”
Highlights for the year from the group’s leisure and entertainment arm include:
- Opened four new Magic Planet entertainment centres and three new LEGO stores
- Increased VOX Cinemas footprint in Oman and established joint-ventures in Bahrain, bringing its total number of screens to 242 and making it the largest cinema operator in the Middle East and North Africa region.
- Unveiled first outdoor VOX Cinemas concept in Dubai and refurbished VOX Cinemas at City Centre Deira.
Looking to the future, Majid Al Futtaim Retail is seeks to strengthen its presence in the Middle East, Africa and Central Asia.
The company has announced plans for new malls in Riyadh (Mall of Saudi) and Oman (Mall of Oman), as well as looking on track to open the Mall of Egypt in Q1 2017.