The company opened two new regional malls; City Centre Sohar in Oman and City Centre Almaza in Egypt, as well as its first mall in Abu Dhabi, My City Centre Masdar. Majid Al Futtaim expanded its footprint in 2019 with new market entry and core business growth, including the opening of Carrefour’s first store in Uganda, the addition of three new shopping malls, and VOX Cinemas’ continued expansion in Saudi Arabia with 78 new screens added. CASE: SM-326 DATE: 3/02/20 MAJID AL FUTTAIM IN 2019: DRIVING 24-02-2020 Majid Al Futtaim, a leading shopping mall and leisure pioneer across the Middle East, Africa and Asia, has posted a revenue of Dh35.2 billion ($9.58 billion) during 2019, marking a year-on-year increase of one per cent. Fitch Affirms Majid Al Futtaim LLC at 'BBB'; Outlook Stable Thu 28 Nov, 2019 - 9:28 AM ET Fitch Ratings - London - 28 Nov 2019: Fitch Ratings has affirmed UAE-based Majid Al Futtaim Holding LLC's (MAF) Long-Term Issuer Default Rating (IDR) and senior unsecured rating at 'BBB'. In 2019, we advanced our diversification efforts by entering new countries and expanding our footprint in priority markets, while maintaining strong financial discipline across our portfolio. Majid Al Futtaim Ventures: Majid Al Futtaim – Ventures recorded an 17% increase in revenue during 2019, rising to AED2.8 billion. Dubai: The Majid Al Futtaim group recorded Dh35.2 billion in 2019 revenues, up 1 per cent from a year before. Majid Al Futtaim had said in August its shopping malls business saw a drop in first-half revenue. View Majid Al Futtaim in 2019 Driving Digital Transformation in a Digital World.pdf from MBA 12BM at SP Jain School of Global Management. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. See Majid Al Futtaim's revenue, employees, and funding info on Owler, the world’s largest community-based … In 2019, the company registered several significant sustainability firsts. The UAE had earlier this year shut malls and cinemas, Majid Al Futtaim’s main source of revenue. Majid Al Futtaim Retail: Majid Al Futtaim Retail generated strong revenue growth and finished the year at AED 28.0 billion, an 8% increase compared to 2017, driven by the addition of new stores. The company will also continue to increase the number of stores in its key markets and scale up its ecommerce capacity to meet growing online demand, through innovative fulfilment solutions in the UAE and Saudi Arabia, in particular. Both on your website and other media. Email us at editorial.zawya@refinitiv.com, or send us your company press releases to pressrelease.zawya@refinitiv.com. Dubai-based retail giant Majid Al Futtaim (MAF) has reported largely flat results for the first half of 2019, with a 1 percent increase in revenue leading to a similar increase in earnings for the six-month period. Majid Al Futtaim (Arabic: ماجد الفطيم ‎) is an Emirati holding company based in Dubai, that as of 2015 owned and operated shopping malls, retail, and leisure establishments in the Middle East and North Africa, with operations in 13 countries . New Flagship Community in Dubai. The group was established by Majid Al Futtaim in 1992. Compared to 2018 figures, Majid Al Futtaim – Properties’ EBITDA was unchanged at AED3 billion, while revenue decreased by 1% to AED4.6 billion. See Majid Al Futtaim's revenue, employees, and funding info on Owler, the world’s largest community-based … Majid Al Futtaim, a retail and entertainment conglomerate based in the United Arab Emirates, undergoes a digital transformation under CEO Alain Bejjani in response to disruption in its four core industries: retail, hospitality, food/beverage and grocery, and entertainment. MAF Global Securities Limited's global medium-term note (GMTN) programme and MAF Sukuk Ltd. have also been affirmed at 'BBB'. The other big plus comes via VOX Cinemas, and its continued expansion in Saudi Arabia with 78 new screens added. Disclaimer: The contents of this press release was provided from an external third party provider. Majid Al Futtaim witnessed strong growth in key areas of its business in 2019. And on the mall side, helped by three new shopping destinations and “revitalisation of existing assets”, visitor figures increased by 4 per cent year-on-year to 200 million. Muscat: Retail giant Majid Al Futtaim posted an eight per cent growth in group revenue in 2018, the company's preliminary and unaudited operational and financial results have shown. Access the most comprehensive database of companies and officers in the Middle East and North Africa, covering all major sectors and industries, from Refinitiv. Majid Al Futtaim (Arabic: ماجد الفطيم) is an Emirati billionaire businessman, the founder, owner and president of the Majid Al Futtaim Group, an Emirati real estate … Majid Al Futtaim’s 2019 revenue hits $9.58bn. Majid Al Futtaim engaged Sustainalytics to review the Majid Al Futtaim Green Finance Framework, dated April 2019, and provide a second-party opinion on the Framework’s environmental credentials and … Majid Al Futtaim opened City Centre Suhar in Oman, and My City Centre Masdar in Abu Dhabi — the company’s first shopping mall in the UAE capital — in H1 2019. Alain Bejjani, CEO of Majid Al Futtaim Holding, expects the UAE's retail economy to be back at 2019 levels by the middle of next year The United Arab Emirates had earlier this year shut malls and cinemas, Majid Al Futtaim’s main source of revenue. The Majid Al Futtaim Retail Business School also opened in the UAE, providing functional, commercial and on-the-job training for Carrefour employees. Bejjani said that the UAE’s retail economy is now “coming back quite strongly” and by mid-2021 “we should be back to 2019 levels.” Majid Al Futtaim had said in August its shopping malls business saw a drop in first-half revenue. Dubai: The Majid Al Futtaim group recorded Dh35.2 billion in 2019 revenues, up 1 per cent from a year before. The first method is decreasing prices to attract several new customers (Guth & Ginseberge, 1990). Terms of Use Media Centre. All Rights Reserved. Alain Bejjani, chief executive officer of Majid Al Futtaim Holding LLC, talks about the company's financial results and business outlook. Majid Al Futtaim continued its digital transformation journey, advancing capabilities in data and analytics, technology and online customer experience. 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SHARE allows Majid Al Futtaim customers to earn and burn points in real time, at all 2,300 outlets in its 17 shopping malls and 11 hotels in the UAE, and has already reached more than one million members. “In 2019, we advanced our diversification efforts by entering new countries and expanding our footprint in priority markets, while maintaining strong financial discipline across our portfolio,” said Alain Bejjani, CEO of Majid Al Futtaim - Holding. Meanwhile, EBITDA spiked by 30% to $113.3m (AED416m) that was driven by growth across Saudi Arabia, Kuwait, and Egypt. This website is not responsible for, and does not control, such external content. Bejjani said that the UAE’s retail economy is now “coming back quite strongly” and by mid-2021 “we should be back to 2019 levels.” Majid Al Futtaim had said in August its shopping malls business saw a drop in first-half revenue. Majid Al Futtaim records Dh35b 2019 revenue Group’s malls had a combined 200m visitor turnout, but hotel numbers disappoint Published: February 24, 2020 10:25 Staff Report Font Size - Aa + Dubai retail giant posts 8% rise in revenue to $9.4bn. The total number of stores now exceeds 300. The company's disciplined financial management translated to excellent operational cash flow amounting to 122% of EBITDA. Solid operational performance, driven by diversification efforts and a continued focus on cost efficiencies and scale, resulted in a 1% increase in EBITDA to AED4.6 billion. VOX Cinemas will continue its expansion drive in Saudi Arabia in line with its plan to open 600 screens in the country by 2023. UAE-based Majid Al Futtaim (MAF), which operates the Carrefour banner in 16 countries as of February 2020, has reported full year results for its 2019 financial year. Majid Al Futtaim – Retail: Despite a reduction in discretionary spend and basket size, Majid Al Futtaim – Retail recorded flat revenue growth, standing at AED14.6 billion in the first six months of the year. Hamid Sidine named Chief Operating Officer of Millennium Hotels and Resorts MEA, Norton Rose Fulbright appoints Mohammed Paracha as Head of Middle East, Rami Z. Sayess appointed regional vice president and general manager at Four Seasons Hotel Bahrain Bay, Aster DM Healthcare appoints Global lead for Service Excellence and Patient Experience, Stable outlook for GCC banks; but profits under pressure again: Fitch, Hana Al Rostamani is the first woman CEO at UAE's biggest lender, ADX plans new listings, derivatives trading in drive to double market cap, UAE banking sector still 'in good health': Emirates NBD, Dubai's Emirates NBD full year profit plunges 52%; board recommends dividend, UK's Johnson says it would have been a "great pity" to stay in EU vaccine programme, U.S. core capital goods orders rise in boost to business investment, Argentina works to ensure ample domestic wheat supply amid export cap rumors, Chinese cities using anal swabs to screen COVID-19 infections, Saudi foreign direct investment up in 2020, says investment minister, Group revenue increased by 1% year-on-year to AED35.2 billion, Scaled VOX Cinemas’ presence in Saudi Arabia with 78 new screens added, Added two new regional shopping malls in Egypt and Oman and one community mall in UAE, Launched SHARE, a group wide lifestyle rewards programme in the UAE, Pledged to phase out single-use plastic from operations across portfolio by 2025, Received ‘low risk’ Environmental, Social, and Governance (ESG) rating from Sustainalytics, and an ‘A’ rating from MSCI, Issued the world’s largest and the region’s first corporate Green Sukuks to fund sustainable projects across the group with a total value of USD1.2 billion, Maintained ‘BBB’ credit rating from Standard & Poor’s and Fitch Ratings. While revenue was driven by new store openings in Egypt, in particular, EBITDA decreased by 1% to AED603 million compared to the same period in 2018. In 2019, a Strategy& report said that the GCC countries could save $138 billion by 2030 by adopting a circular economic model. All rights reserved. Dubai, United Arab Emirates: Majid Al Futtaim, the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia, has announced its audited operational and financial results for 2019, highlighting a revenue increase of 1% year-on-year to AED35.2 billion. The press release is provided for informational purposes only. Majid Al Futtaim had said in August its shopping malls business saw a drop in first-half revenue. VOX plans to open 600 screens in Saudi Arabia by 2023. 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