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. Majid Al Futtaim – Retail will continue to expand its physical presence across existing markets. Majid Al Futtaim sees revenue drop 3% to $4.70bn in H1 2020 By root 20th August 2020 No Comments Majid Al Futtaim, the UAE-based shopping mall, communities and retail and leisure developer operating across the Middle East, Africa and Asia, has announced its audit reviewed operational and financial results for the first six months of 2020. Majid Al Futtaim began the year performing above expectations across all its operating units. Effective Date: November 2020 2 Version 1.0 *some of these policies are in process and their links will be added once completed. Majid Al Futtaim Properties registered a 1 per cent revenue growth in 2018 at Dh4.6 billion. From the outset of the pandemic, Majid Al Futtaim reinforced its engagement with all stakeholders, including working closely with governments in its operational markets. Font Size - Aa + Dubai mall operator expects coronavirus vaccine rollout to boost economy. The period presented two differentiated quarters, driven by the impact of the global COVID-19 pandemic. It also opened five new physical stores, which have contributed to its growth and catered to consumer demand. Majid Al Futtaim Properties registered a 1 per cent revenue growth in 2018 at Dh4.6 billion. The period presented two differentiated quarters, driven by the impact of the global COVID-19 pandemic. Majid Al Futtaim Retail generated strong revenue growth and finished the year at Dh28 billion, an eight per cent increase compared to 2017, driven by the addition of new stores. Majid Al Futtaim Group, 2015. 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. Dec 20 2020, 1:02 PM Dec 20 2020, 8:32 PM December 20 2020, 1:02 PM December 20 2020, 8:32 PM (Bloomberg) --Dubai-based mall operator Majid Al Futtaim Holding LLC expects the rollout of vaccines to help shore up the economy in 2021, following a year that saw businesses battered by lockdowns in place to combat the coronavirus pandemic. UAE-headquartered retail developer and business conglomerate Majid Al Futtaim Group has reported a 3% year-on-year decline in revenues to $4.7bn (AED17.3bn) in H1 2020 and a 27% drop in EBITDA to $435.5m (AED1.6bn), compared to the first six months of … All rights reserved. The company will also open three supermarkets in Uzbekistan this year, marking the first entry of an international grocery retailer into the Central Asian country. GROUP DEBT PROFILE (1/2) Debt Maturity Profile (USD mn) All Senior Unsecured financing obligations rank pari passu among themselves Majid Al FuttaimHolding Crossguarantees Majid Al FuttaimProperties 1USD 0.9BN EQUITY HYBRIDS NOT TAKEN INTO … Al-Futtaim Group employs over 44,000 people and operates eight divisions comprising automotive, electronics, insurance, services, real estate, retail, industries, and overseas. Majid Al Futtaim Retail generated strong revenue growth and finished the year at Dh28 billion, an eight per cent increase compared to 2017, driven by the addition of new stores. **e-procurement is the process of purchasing/selling goods/services through a web interface. 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. However, like the Shopping Malls business, towards the end of Q2 2020 customers began to return as leisure and entertainment assets began opening for business in a phased manner. The company will carry on its expansion plans in core markets, with new dates already announced for the opening of Mall of Oman and City Centre Al Zahia in Sharjah. “Renewable energy white paper for Majid Al Futtaim”. To achieve this, we must adapt to changing consumer needs and continue to ensure the highest standards of health and safety, while doubling down on our efforts to strengthen the industries and markets in which we operate.”. Uncover why Majid Al Futtaim is the best company for you. Majid Al Futtaim – Ventures recorded an 17% increase in revenue during 2019, rising to AED2.8 billion. Web. The corporation promises that circularity will be at the heart of its business model by 2030 but insists moves have already started. It also partnered with the UAE Government to launch Carrefour’s third hydroponic farm, which uses 90% less water and less space than traditional farms to deliver approximately 10 kg of fresh herbs and microgreens per day, equivalent to the yield of about one acre of farmland. Majid Al Futtaim had said in August its shopping malls business saw a drop in first-half revenue. Majid Al Futtaim H1 2020 Financial Results: Diversified Portfolio Demonstrates Resilience Amid COVID-19 . UAE-headquartered retail developer and business conglomerate Majid Al Futtaim Group has reported a 3% year-on-year decline in revenues to $4.7bn (AED17.3bn) in H1 2020 and a 27% drop in EBITDA to $435.5m (AED1.6bn), compared to the first six months of 2019, due to large-scale business disruption, combined with cautious consumer sentiment resulting from the COVID-19 pandemic. In response to the temporary closure of cinemas, Majid Al Futtaim displayed its agility by redefining its offering for movie-goers with the launch of VOX Cinemas Drive-in on the rooftop of Mall of the Emirates, which has received nearly 3,000 visitors since opening. Press Release. MAF is a holding company that has operations across various industries in the Middle East and North Africa (MENA), boasting revenues of $9.6 billion in 2019. Company: Majid Al Futtaim. EBITDA increased by 30% to AED416 million with growth driven mainly from new sites in Saudi Arabia, Kuwait and Egypt. One Central, Dubai World Trade Center, During the pandemic, the company moved quickly to simultaneously ramp up its digital presence whilst strengthening its fulfilment and delivery capabilities with three new fulfilment centres and darkstores established across the region, in addition to activating 53 existing stores to fulfil online orders. Get the inside scoop on jobs, salaries, top office locations, and CEO insights. However, the second half of March saw the COVID-19 pandemic take hold, leading to temporary asset closures, travel and movement restrictions and supply chain challenges affecting companies globally. The Shopping Malls business saw a drop in revenue due to temporary asset closures across the region and the proactive decision to forego rents during closure periods. To further strengthen its customer-centric approach, Majid Al Futtaim entered into strategic partnerships to further improve the delivery of Carrefour online orders, including with the Department of Economic Development, Aramex, and Dubai Taxi Corporation. “Sustainability Report”. These measures enabled us to mitigate some of the impact of COVID-19 on our performance and maintain our ‘BBB’ rating, which bears testament to the resilience of our business model and financial health. Majid Al Futtaim Group, 2015. Company: Majid Al Futtaim. Despite these macroeconomic conditions, the company witnessed strong growth in its grocery retail business, with a 4% and 18% increase in revenue and EBITDA, respectively. 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. Dubai-based mall operator Majid Al Futtaim Holding LLC expects the rollout of vaccines to help shore up the economy in 2021, following a year that saw … Alain Bejjani, Chief Executive Officer of Majid Al Futtaim - Holding, commented on the company’s financial results: “The pandemic has undoubtedly affected us all. During the second half of 2020, Majid Al Futtaim will continue to support sustainable economic development in its efforts towards economic recovery, while maintaining a disciplined financial management approach. The company further accelerated its digital transformation journey to bolster its online capabilities to offer tenants and small businesses new and innovative platforms to reach their customers with the launch of Marketplace, Trends at Your Doorstep and THAT - its latest fashion app which will open a dedicated concept store at Mall of the Emirates later in 2020. 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 AED1.5 billion and AED1.1 billion, respectively. Media Centre. Revenue increased by 4% and totalled AED15.1 billion, while its EBITDA grew by 18% to AED709 million. The company will also open three supermarkets in Uzbekistan this year, marking the first entry of an international grocery retailer into the Central Asian country. Backed by ongoing prudent financial management, an agile mindset and the unrelenting drive of our people, we were able to respond quickly to course correct, reduce our cost base, and enhance our digital capabilities to meet the accelerated demand on multiple digital platforms. 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 AED1.5 billion and AED1.1 billion, respectively. DUBAI, UNITED ARAB EMIRATES - Majid Al Futtaim, the leading shopping mall, communities, retail, and leisure pioneer across the Middle East, Africa, and Asia, has launched its first-ever concept destination, THAT. According to Forbes, Al Futtaim has a net worth of US$3.6 billion, as of September 2020. Despite these macroeconomic conditions, the company witnessed strong growth in its grocery retail business, with a 4% and 18% increase in revenue and EBITDA, respectively . Al Futtaim Careers Dubai| Majid Al Futtaim Careers UAE -2020 . Revenue increased by 4% and totalled AED15.1 billion, while its EBITDA grew by 18% to AED709 million. Majid Al Futtaim has a long history of upholding a prudent approach to financial risk management. Agree with Senior Manager Leasing on objectives. We will do our part to rebuild consumer trust that is so crucial to revitalising the economy. The company further accelerated its digital transformation journey to bolster its online capabilities to offer tenants and small businesses new and innovative platforms to reach their customers with the launch of Marketplace, Trends at Your Doorstep and THAT - its latest fashion app which will open a dedicated concept store at Mall of the Emirates later in 2020. The group was established by Majid Al Futtaim in 1992. Majid Al Futtaim Hotels experienced a 41% drop in occupancy rates due to asset closures and reduced demand due to travel restrictions and border closures. New Flagship Community in Dubai. We will do our part to rebuild consumer trust that is so crucial to revitalising the economy. Majid Al Futtaim – Retail: In the first half of the year, the Carrefour business witnessed strong growth despite the prevailing conditions. (MENAFN – Al-Bayan) Source: Date: August 20, 2020 Majid Al Futtaim, a company to develop and manage shopping centers, integrated cities, retail and entertainment facilities in the Middle East… Dec 20 2020, 1:02 PM Dec 20 2020, 8:32 PM December 20 2020, 1:02 PM December 20 2020, 8:32 PM (Bloomberg) --Dubai-based mall operator Majid Al Futtaim Holding LLC expects the rollout of vaccines to help shore up the economy in 2021, following a year that saw businesses battered by lockdowns in place to combat the coronavirus pandemic. This reiterates the company’s healthy liquidity position, resilience of its diversified business model, proactive and speedy approach to tackling the Covid-19 crisis and continued prudent financial management. Agree with Senior Manager Leasing on objectives. Majid Al Futtaim’s early efforts to future-proof the business and enhance its digital capabilities have positioned the company well to respond to shifting consumer behaviour. At Majid Al Futtaim, we are committed to embedding circular economy principles into our business operations. In response to the temporary closure of cinemas, Majid Al Futtaim displayed its agility by redefining its offering for movie-goers with the launch of VOX Cinemas Drive-in on the rooftop of Mall of the Emirates, which has received nearly 3,000 visitors since opening. To achieve this, we must adapt to changing consumer needs and continue to ensure the highest standards of health and safety, while doubling down on our efforts to strengthen the industries and markets in which we operate.”. Despite these macroeconomic conditions, the company witnessed strong growth in its grocery retail business, with a 4% and 18% increase in revenue and EBITDA, respectively - ZAWYA UAE Edition Revenue increased by 4% and totalled $4.11 billion, while its EBITDA grew by 18% to $193 million. Amid lockdowns and government mandated closures, the company decided to forego rents at its 27 shopping malls across five markets to ease the financial burden on its tenants while stores were temporarily closed. See insights on Majid Al Futtaim including office locations, competitors, revenue, financials, executives, subsidiaries and more at Craft. Majid Al Futtaim retail reported a 4 percent increase in H1 revenue and 18 percent increase in EBITDA. Fitch Ratings - London - 25 Nov 2020: 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'. The group’s assets decreased 4% to approximately AED61.8 billion. Despite these macroeconomic conditions, the company witnessed strong growth in its grocery retail business, with a 4% and 18% increase in revenue and EBITDA, respectively. Majid Al Futtaim Ventures: Majid Al Futtaim – Ventures felt the greatest impact of the pandemic, with a 46% decrease in revenue and a 199% decrease in EBITDA in the first six months of the year, standing at AED690 million and -AED135 million, respectively. Majid Al Futtaim has 42,000 employees across 2 locations. “Real Estate 2020 Building the future.” PWC Real Estate, 2015. These initiatives complement Majid Al Futtaim’s strong focus on achieving sustainable development as a path for a resilient economic recovery, as the company remains committed to its sustainability strategy goals, including becoming Net Positive by 2040, alongside its pledge to phase-out single-use plastics from its operations by 2025. See insights on Majid Al Futtaim including office locations, competitors, revenue, financials, executives, subsidiaries and more at Craft. https://www.majidalfuttaim.com › en › media-centre › press-releases › 2020 › 0… 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 . Majid Al Futtaim’s debt maturity profile is light over the next three years, with no material debt maturity until 2023. In the UAE, the company moved swiftly to adapt its business model, implementing global standards of health and safety, and retraining more than 1,000 employees from the cinema and leisure business to support Carrefour, in order to cater to the exponential increase in online grocery retail demand. Large-scale business disruption, combined with a much more cautious consumer sentiment resulting from the COVID-19 pandemic, saw the group report revenue of AED17.3 billion and EBITDA of AED1.6 billion, representing declines of 3% and 27% respectively. Over the years, we have built and maintained a sustainable and diversified business ready to withstand the headwinds in our industries. Fitch Ratings - London - 25 Nov 2020: 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'. Majid Al Futtaim H1 2020 financial results: Diversified portfolio demonstrates resilience amid COVID-19 . 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 Hotels experienced a 41% drop in occupancy rates due to asset closures and reduced demand due to travel restrictions and border closures. The company will carry on its expansion plans in core markets, with new dates already announced for the opening of Mall of Oman and City Centre Al Zahia in Sharjah. Despite weakening macroeconomic conditions, the company’s BBB credit rating and ‘stable outlook’  have been reaffirmed by Standard & Poor’s in its most recent report. In order to support the local food economy and guarantee a sustainable supply chain, the company collaborated with the Ministry of Climate Change and Environment (MOCCAE) to boost the availability of locally grown produce across Carrefour UAE stores, by opening new distribution channels for more than 6,000 small and medium-sized local farmers and ensuring a sustainable supply of fresh fruit and vegetables across the country. Find Out More. This decline was largely driven by government-mandated closures due to the pandemic, which required Leisure, Entertainment and Cinema (LEC) assets to close for a prolonged period of time. 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 . Dubai, United Arab Emirates, 19 August 2020: 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. In order to support the local food economy and guarantee a sustainable supply chain, the company collaborated with the Ministry of Climate Change and Environment (MOCCAE) to boost the availability of locally grown produce across Carrefour UAE stores, by opening new distribution channels for more than 6,000 small and medium-sized local farmers and ensuring a sustainable supply of fresh fruit and vegetables across the country. VOX Cinemas, in its 20th year, increased its total number of screens to 499 … Purpose Majid Al Futtaim carries out significant expenditure on goods, services, works and capital projects. 1 In particular, the company has an exclusive franchise partnership with Carrefour (Grocery Retailer) in … Posted on August 20, 2020. Sun 20 Dec 2020 12:25 PM. According to Forbes, Al Futtaim has a net worth of US$3.6 billion, as of September 2020. Over the years, we have built and maintained a sustainable and diversified business ready to withstand the headwinds in our industries. However, it is now presenting a gradual recovery as footfall has increased across the company’s assets towards the end of the first half of the year. Majid Al Futtaim Ventures: Majid Al Futtaim – Ventures felt the greatest impact of the pandemic, with a 46% decrease in revenue and a 199% decrease in EBITDA in the first six months of the year, standing at AED690 million and -AED135 million, respectively. Majid Al Futtaim (MAF) Overview MAF is a holding company that has operations across various industries in the Middle East and North Africa (MENA), boasting revenues of $9.6 billion in 2019. Compare pay for popular roles and read about the team’s work-life balance. During the second half of 2020, Majid Al Futtaim will continue to support sustainable economic development in its efforts towards economic recovery, while maintaining a disciplined financial management approach. MAF Global Securities Limited's global medium-term note (GMTN) programme and MAF Sukuk Ltd. have also been affirmed at 'BBB'. However, the second half of March saw the COVID-19 pandemic take hold, leading to temporary asset closures, travel and movement restrictions and supply chain challenges affecting companies globally. Dubai-based mall operator Majid Al Futtaim Holding LLC expects the rollout of vaccines to help shore up the economy in 2021, following a year that saw … Backed by ongoing prudent financial management, an agile mindset and the unrelenting drive of our people, we were able to respond quickly to course correct, reduce our cost base, and enhance our digital capabilities to meet the accelerated demand on multiple digital platforms. Get the inside scoop on jobs, salaries, top office locations, and CEO insights. Majid Al Futtaim sees revenue drop 3% to $4.70bn in H1 2020. Font Size - Aa + Dubai mall operator expects coronavirus vaccine rollout to boost economy. Majid Al Futtaim founded retailing and entertainment giant Majid Al Futtaim Holding, known as MAF, in 1992. “Majid Al Futtaim Properties LLC Consolidated Financial Statements.” Majid Al Futtaim Properties LLC, 2015. Find out what works well at Majid Al Futtaim from the people who know best. 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. During the pandemic, the company moved quickly to simultaneously ramp up its digital presence whilst strengthening its fulfilment and delivery capabilities with three new fulfilment centres and darkstores established across the region, in addition to activating 53 existing stores to fulfil online orders. Tweet. 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’s debt maturity profile is light over the next three years, with no material debt maturity until 2023. Majid Al Futtaim had said in August its shopping malls business saw a drop in first-half revenue. Large-scale business disruption, combined with a much more cautious consumer sentiment resulting from the COVID-19 pandemic, saw the group report revenue of AED17.3 billion and EBITDA of AED1.6 billion, representing declines of 3% and 27% respectively. Dubai, UAE January 27, 2020: Majid Al Futtaim, the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia, in partnership with the World Economic Forum has launched a report which outlines how the MENAP region can unlock USD 2.5 trillion in Gross Domestic Product (GDP) and create 80 to 100 million new jobs through an Economic Integration Initiative. This period also witnessed an accelerated shift to digital, driven by rapid adoption rates. Added once completed full-scale recovery is still uncertain, we have built and maintained a sustainable and business. By the impact of the global COVID-19 pandemic the group was established by majid Al Futtaim – Retail continue! 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