In 2018, Majid Al Futtaim commissioned three additional solar power plants in Mall of the Emirates, City Centre Sur and City Centre Al Dhait. Majid Al Futtaim Retail also launched Carrefour’s largest distribution centre in the region, located in Dubai. Net borrowings stand at around AED12.8 billion. City Centre Almaza will soon open in East Cairo and is set to become one of the favoured destinations for shopping and entertainment, redefining the shopping landscape with a unique environment for visitors. The position is mainly responsible to maximize leasing revenue for the assigned area, ensuring implementation of best practices defined by the SMBU Corporate Leasing and managing key tenant relationships. Majid Al Futtaim’s financial and liquidity position remains strong covering its net financing needs for more than the next three years, through its cash and available committed lines. Carrefour also introduced a number of innovative concepts and services across its network to ensure an effortless customer journey, including Scan and Go and Valet Trolley. one of the favoured destinations for shopping and entertainment. EBITDA increased by 2% to AED 3.0 billion, contributing almost 65% of overall group EBITDA. Majid Al Futtaim Ventures: Majid Al Futtaim Ventures’ revenue increased by 15% in 2018 to AED 2.4 billion (AED 3.2 billion including joint ventures and associates). The United Arab Emirates, of which Dubai is a part, had earlier this year shut malls and cinemas, Majid Al Futtaim’s main source of revenue. Majid Al Futtaim – Retail will continue to open new stores in existing markets, including the addition of 12 new Carrefour stores in Egypt by the end of 2019. These openings pave the way for the company to fulfil its ambitious plan to open 600 screens in the Kingdom by 2023. The organisation entered into several strategic partnerships and an acquisition, including BEAM, Wadi and others, which complement the business offering and add a digital dimension to the portfolio. VOX Cinemas strengthened its market share in Saudi Arabia, driving forward its pioneering expansion in the Kingdom with. In January 2019 Majid Al Futtaim Ventures opened its first theatre in Jeddah and second in the Kingdom, with plans to open its third location next month in Riyadh Al Qasr Mall. The ratings reiterate the company’s credit strengths, resilience of its business model, quality of assets, strong corporate governance and prudent financial management. During H1 2019, Majid Al Futtaim continued the expansion of its core businesses across the region with the addition of 19 new Carrefour stores, two new shopping malls, and 65 new VOX Cinemas screens. In addition to new store openings, Carrefour also launched ‘Carrefour Business’, the company’s business-to-business offering to hotels, restaurants and the catering industry. In its results, its Retail division was a bright spot, with Majid Al Futtaim Retail reporting a rise in revenue and EBITDA. 59% of all ticket sales at VOX Cinemas were completed online, compared to 46% during the same period last year, while all tickets in Saudi Arabia were sold online in 2019. In April 2018, VOX Cinemas opened its first multiplex theatre in Riyadh Park shopping mall in Saudi Arabia, following the reintroduction of cinemas in the Kingdom. During this period, overall group revenue increased by 1% to AED17.9 billion, despite challenging market conditions and more cost-conscious consumer behaviour across the region. Majid Al Futtaim operates more than 400 VOX Cinemas screens and 36 Magic Planet family entertainment centres across the region. Majid Al Futtaim – Ventures recorded an 17% increase in revenue during 2019, rising to AED2.8 billion. See insights on Majid Al Futtaim including office locations, competitors, revenue, financials, executives, subsidiaries and more at Craft. In total, VOX Cinemas opened 65 new screens across the region during the first half of the year. Revenue increased by 4% and totalled AED15.1 billion, while its EBITDA grew by 18% to AED709 million. 19-08-2020 Majid Al Futtaim, a shopping mall developer and retail and leisure pioneer in the region, has posted group revenue of AED17.3 billion ($4.7 billion) and EBITDA of AED1.6 billion for the first half of the year, representing declines of 3% and 27% respectively. 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. Overall group revenue increased by 1% to AED17.9 billion and EBITDA increased by 1%, standing at AED2.1 billion, - Increased group revenue by 1% year-on-year to AED17.9 billion- EBITDA increased by 1% to AED 2.1 billion- Maintained ‘BBB’ credit rating in latest reports from Standard & Poor’s and Fitch Ratings- Awarded ‘low risk’ Environmental, Social, and Governance (ESG) rating from Sustainalytics and ‘A’ rating from MSCI- Issued world’s first benchmark corporate Green Sukuk to fund sustainable projects across the group- Increased shopping mall assets to 25 with opening of City Centre Suhar, in Oman, and City Centre Masdar, in Abu Dhabi- Opened 19 new Carrefour stores with a strong focus on Egypt- Drove forward the pioneering expansion of VOX Cinemas in Saudi Arabia, with the launch of 49 new screens- Launched Majid Al Futtaim Retail Business School in the UAE to provide functional, commercial and on-the-job training for Carrefour employees. The group’s assets increased 7% to approximately AED64 billion, on account of the introduction of IFRS16. During this period, overall group revenue increased by 1% to AED. The company remains fully committed to the markets in which it operates whist striving to bring the right product to market at the right time to deliver maximum value for customers and tenants. Meanwhile, EBITDA spiked by 30% to $113.3m (AED416m) that was driven by growth across Saudi Arabia, Kuwait, and Egypt. Majid Al Futtaim has 42,000 employees across 2 locations. The company remains fully committed to the markets in which it operates whist striving to bring the right product to market at the right time to deliver maximum value for customers and tenants. Revenue from shopping malls increased by 3% and the growth was attributed to lease renewals at higher rates and the impact of opening Mall of Egypt. What's On. Majid Al Futtaim deploys capital in a prudent and measured fashion to support the sustainable growth of the organisation, with a focus on geographic diversification in its core businesses. Revenue EBITDA Majid Al Futtaim Holding LLC Consolidated Financials (USDmn) MAJID AL FUTTAIM HOLDING (Rated BBB/BBB) MAJID AL FUTTAIM PROPERTIES MAJID AL FUTTAIM RETAIL VENTURES Shopping Malls Hotels Communities Project Management Mr. Majid Al Futtaim (Founder) Mr. Tariq Al Futtaim MAJID AL FUTTAIM CAPITAL LLC Carrefour Cinemas L&E Finance Fashion Gourmet Gulf (JV) … Majid Al Futtaim – Retail: In the first half of the year, the Carrefour business witnessed strong growth despite the prevailing conditions. Majid Al Futtaim has announced its preliminary and unaudited operational and financial Continue Reading These positive ratings helped in creating widespread interest from investors when Majid Al Futtaim issued the world’s first benchmark corporate Green Sukuk. Majid Al Futtaim sees stark differences during first half. During the first six months, Carrefour more than doubled the total number of online transactions completed during full year 2018. Majid Al Futtaim owns and operates 25 shopping malls, 13 hotels and four mixed-use communities, with further developments underway in the region. City Centre Almaza will soon open in East Cairo and is set to become. Majid Al Futtaim records Dh35b 2019 revenue. The 10-year USD 600 million issuance will be used to finance Majid Al Futtaim’s existing and future green projects, including green buildings, renewable energy, sustainable water management, and energy efficiency. The hotels side of the business also took a hit as a result of the closures and reduced demand due to travel restrictions, with occupancy down 41 percent. The Company also owns the rights to The LEGO Store and American Girl in the Middle East and operates in the food and beverage industry through a partnership with Gourmet Gulf. The shopping mall portfolio grew to 25 destinations, with. During the second half of 2019, Majid Al Futtaim is set to continue the expansion of its core businesses, while delivering new experiences for customers across the region. Carrefour enhanced its digital presence by offering an extensive range of groceries online, in addition to CarrefourNow which offers an express 1-hour delivery service. The group’s assets increased 7% to approximately AED64 billion, on account of the introduction of IFRS16. The top 10 competitors average 1.6B. This website uses cookies to improve your experience and to personalise our content to you.By continuing to use this website you consent to the use of cookies. Majid Al Futtaim Ventures: Majid Al Futtaim – Ventures, recorded an increase of 16% in both revenue and EBITDA, in the first six months of the year, with revenue standing at AED1.3 billion and EBITDA at AED137 million. 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 its efforts to meet the evolving needs and demands of customers, while mitigating risk and ensuring sustainable growth, the company continues to diversify its business model and prioritise initiatives that support its long term strategic direction. Majid Al Futtaim Retail continues with the expansion of its network, both physically and digitally, leveraging on its strategic partnerships in the last mile delivery space to enhance the customer experience. Revenues at Majid Al Futtaim – Ventures reached $762.3m (AED2.8bn) in 2019, with an increase of 17%. the launch of 49 new screens. Majid Al Futtaim Properties, on the other hand, registered a decline of 26 per cent in revenue and a 27 per cent slide in Ebitda in the first six months of 2020, to Dh1.5bn and Dh1.1bn, respectively, the company said. It owned and operated twelve hotels as of 2015. Dubai, United Arab Emirates, 29 August 2019: Majid Al Futtaim, the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia, today announced its audit reviewed operational and financial results for the first six months of the year. Of the 600 screens committed to Saudi Arabia by 2023, Majid Al Futtaim has already opened 53. Majid Al Futtaim – Retail: Majid Al Futtaim – Retail generated strong revenue growth and concluded the first six months of the year at AED14.6 billion. In 2017, Majid Al Futtaim Properties reported a profit of 2.19 billion dirhams ($596.25 million), down 7% on 2016. Majid Al Futtaim Group's revenue falls 3% YoY to $4.7bn in H1 2020 [representational image] by Anup Oommen. Find Out More. Majid Al Futtaim deploys capital in a prudent and measured fashion to support the sustainable growth of the organisation, with a focus on geographic diversification in its core businesses. According to Forbes, Al Futtaim has … Majid Al Futtaim closed 2018 with a solid financial and liquidity position covering its net financing needs for more than the next 3 years through its cash and available committed lines. Group’s malls had a combined 200m visitor turnout, but hotel numbers disappoint. In addition, Majid Al Futtaim operates Enova, a facility and energy management company, through a joint venture operation with Veolia, a global leader in optimised environment resource management. In fact, employees enrolled at Majid Al Futtaim’s School of Analytics and Technology, launched in 2017, have completed 33,000 learning hours, as part of the transformation process. 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’s digital transformation saw greater online penetration through its Carrefour and VOX Cinemas brands during the first half of the year. 20 Aug 2020 . Want to be the first to hear about career opportunities at our pioneering company? The company refinanced a USD 500 million bond that matured in July 2019 with the issuance of the world’s first benchmark corporate Green Sukuk, and the first Green Sukuk issued by a corporate in the region. Published: February 24, 2020 10:25 Staff Report. Majid Al Futtaim – Properties: Majid Al Futtaim – Properties registered a decline of 26% in revenue and 27% in EBITDA in the first six months of 2020, standing at $408.3 million and $299.4 … Alain Bejjani, CEO of Majid Al Futtaim Holding . 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. The company celebrated the opening of two new shopping malls in the UAE and Oman, grew its hotel portfolio to 13 assets and added 33 grocery retail stores, growing its portfolio to 264. Alain Bejjani, Chief Executive Officer of Majid Al Futtaim - Holding, commented on the company’s financial results: “The strength and durability of our business has been a key factor in our financial performance for the first half of 2019, demonstrating the importance of geographic and business model diversification. “While we continue to make essential investments in talent and technology, I am also encouraged by the progress we are making towards our sustainability agenda, which is allowing us to have a positive influence on the economies, communities and societies where we do business.”. Built on trade and tourism in a region reliant on oil, Dubai was hardest hit in the Gulf Arab region as both industries stumbled amid the pandemic. Majid Al Futtaim’s shopping malls welcomed 192 million customers during the year, a 4% increase, as compared to 2017. Company: Majid Al Futtaim. Agree with Senior Manager Leasing on objectives. This website uses cookies to improve your experience and to personalise our content to you.By continuing to use this website you consent to the use of cookies. In March 2018, the company issued a USD400 million corporate hybrid to replace its inaugural hybrid issued in 2013, which was redeemed in October 2018. Azadea is Majid Al Futtaim's biggest rival. Our focus on delivering a unique and innovative customer experience has enabled us to extend our customer base, while we have successfully optimised costs and created greater operating efficiencies. In line with the newly established Green Finance Framework, the issuance will support the company’s commitment to develop sustainable assets and practices. The corporation promises that circularity will be at the heart of its business model by 2030 but insists moves have already started. Bloomberg Markets and Finance published this video item, entitled “Majid Al Futtaim’s Bejjani Pledges Sustainability” – below is their description. the opening of City Centre Suhar in Oman, and My City Centre Masdar in Abu Dhabi, which is the company’s first shopping mall in Abu Dhabi and the capital’s most sustainable mall. Majid Al Futtaim Properties develops, owns and manages shopping malls and hotels throughout the MENA region. For more information, refer to our Privacy Policy. The company’s credit rating has been maintained at ’BBB’ with a stable outlook by both Standard & Poor’s and Fitch Ratings in their most recent reports. All rights reserved. In total, VOX Cinemas opened 65 new screens across the region during the first half of the year. Majid Al Futtaim Chief Executive Officer Alain Bejjani discusses the company’s pledge to sustainability. Majid Al Futtaim is one of the leading drivers of economic growth and impact in the Middle East and North Africa and is a leading foreign direct investor and a catalyst for the region’s economy. Sheikh Mohammed bin Rashid Al Maktoum mediated a settlement between Abdulla Al Futtaim and his rival, cousin Majid Al Futtaim, in 2000 which split the assets, liabilities and operations of the then-larger Al Futtaim Group. Dubai-based retail giant Majid Al Futtaim on Wednesday said group revenue grew by 8 percent reaching AED34.6 billion ($9.42 billion) in 2018 compared to the previous year. EBITDA increased by 16% to AED 1.4 billion, largely attributable to cost optimisation initiatives and higher sales in Egypt, Saudi, Kuwait and Kenya. Founded in 1992, Majid Al Futtaim is the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia. EBITDA increased by 1%, standing at AED2.1 billion, while the group’s increased focus on working capital management and operational excellence resulted in operating cashflow amounting to 115% of EBITDA. The position is responsible for working closely with the Senior Manger Leasing to market new properties and manage existing ones in order to maximize the leasing opportunities and meet the corporate revenue targets. Majid Al Futtaim, a leading shopping mall, retail and leisure group, reported on Wednesday a seven per cent year-on-year jump in first-half revenue to Dh13.7 billion. The company continues to make progress with its development projects and will be bringing three key shopping malls to market in Oman, UAE and Egypt this year, with the launch of City Centre Suhar, My City Centre Masdar and City Centre Almaza, respectively. Alain Bejjani, Chief Executive Officer of Majid Al Futtaim - Holding, commented on the company’s financial results: “The strength and durability of our business has been a key factor in our financial performance for the first half of 2019, demonstrating the importance of geographic and business model diversification. reiterate the company’s credit strengths, resilience of its business model, quality of assets, strong corporate governance and prudent financial management. Majid Al Futtaim Properties celebrated the opening of My City Centre Al Dhait in Ras Al Khaimah, UAE, its first investment into the Emirate’s fast-growing community, and My City Centre Sur, Majid Al Futtaim’s first community mall in Oman. Net borrowings stand at around AED12.8 billion. challenging market conditions and more cost-conscious consumer behaviour across the region. Azadea was founded in 1978, and is headquartered in Beirut, Beirut Governorate. Majid Al Futtaim – Retail will open its first Carrefour store in Uganda in H2 2019, providing Ugandan customers with access to international standard retail experiences. Group revenue increased by 1% to AED17.9 bn, Dubai, United Arab Emirates, 29 August 2019, : Majid Al Futtaim, the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia, today announced its audit reviewed operational and financial results for the first six months of the year. Majid Al Futtaim Properties: Majid Al Futtaim Properties registered 1% revenue growth to end the year at AED 4.6 billion. EBITDA increased by 1%, standing at AED2.1 billion, while the group’s increased focus on working capital management and operational excellence resulted in operating cashflow amounting to 115% of EBITDA. Majid Al Futtaim’s sustainability agenda was further bolstered by a “low risk” environmental, social and governance (ESG) rating from Sustainalytics, and an ‘A’ rating from Morgan Stanley Capital International (MSCI). The top 10 competitors average 16,292. Please share your email address and tell us a bit about yourself to stay connected to opportunities and … The Carrefour brand continues to cement its position as the largest grocery retailer in the region, increasing its market share by opening 33 new Carrefour hypermarkets and supermarkets during 2018, including the brand’s seventh store in Kenya. The company’s transformation journey continued in 2018 with the enhancement of its’ integrated customer experience offerings, its data and analytics capabilities and its upskilling and reskilling plans, using technology as an enabler to accelerate future-proofing of the business. The hotels business unit focuses on the development and asset management of hotels connected to or close to the company's shopping malls and within its master-planned communities. During 2018, Majid Al Futtaim continued to pursue investment opportunities to enhance its digital capabilities and deliver a seamless omni-channel customer experience, while expanding its physical footprint. Integrated lifestyle giant Majid Al Futtaim, owner of brands such as VOX Cinemas and Mall of the Emirates announces its green strategy, a commitment to sustainable business and a circular economy . EBITDA increased by 30% to AED416 million with growth driven mainly from new sites in Saudi Arabia, Kuwait and Egypt. 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. Revenue edges down to $ 4.7bn, known as MAF, in its results, its division! 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