Share. Purpose Majid Al Futtaim carries out significant expenditure on goods, services, works and capital projects. The group’s assets decreased 4% to approximately AED61.8 billion. 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. 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. Ibrahim Al-Zu'bi, Chief Sustainability Officer, Majid Al Futtaim – Holding, said: “As pioneers of sustainability in this region and building on our promise to rethink how we use resources, the launch of our circular economy strategy is a significant milestone in our sustainability journey. The company is set to implement its expansion plans in core markets during the second half of 2020 and has announced new dates for the opening of Mall of Oman and City Centre Al Zahia in Sharjah. Posted on August 20, 2020. The Outlook is Stable. 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. Share. Majid Al Futtaim Group, 2015. See insights on Majid Al Futtaim including office locations, competitors, revenue, financials, executives, subsidiaries and more at Craft. 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. What's On. Diversified Portfolio Demonstrates Resilience Amid COVID-19, • Group reported a 3% decrease in revenue to AED17.3 billion and 27% decrease in EBITDA to AED1.6 billion• Majid Al Futtaim Retail reported 4% increase in revenue and 18% increase in EBITDA• Carrefour reported 263% increase in online sales and opened five physical stores, and three new fulfilment centres• Accelerated digital transformation with launch of new online platforms including Carrefour’s Marketplace, Trends at Your Doorstep, and Click and Collect• Shopping Malls business continued expansion plans with opening of Matajer Al Musalla mall in Sharjah• Launched new movie-going experience with VOX Cinemas Drive-in at Mall of the Emirates• Collaborated with the UAE Government to enhance local food security during the COVID-19 pandemic by introducing in-store hydroponic farming and supporting small farm owners• Maintained ‘BBB’ credit rating in latest Standard & Poor’s (S&P) report. Company: Majid Al Futtaim. 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. 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. Uncover why Majid Al Futtaim is the best company for you. 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. **e-procurement is the process of purchasing/selling goods/services through a web interface. 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.”. “Real Estate 2020 Building the future.” PWC Real Estate, 2015. 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. However, from the second half of March, as the effects of COVID-19 took hold its business had been affected. Majid Al Futtaim has 42,000 employees across 2 locations. “While the timeline for a full-scale recovery is still uncertain, we are witnessing a slow reopening of the economy. 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, 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. Majid Al Futtaim Properties registered a 1 per cent revenue growth in 2018 at Dh4.6 billion. Compare pay for popular roles and read about the team’s work-life balance. 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. Find Out More. Majid Al Futtaim has a long history of upholding a prudent approach to financial risk management. 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’s early efforts to future-proof the business and enhance its digital capabilities have positioned the company well to respond to shifting consumer behaviour. 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. One Central, Dubai World Trade Center, 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. 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. The group’s assets decreased 4% to approximately AED61.8 billion. We will do our part to rebuild consumer trust that is so crucial to revitalising the economy. From the outset of the pandemic, Majid Al Futtaim reinforced its engagement with all stakeholders, including working closely with governments in its operational markets. Agree with Senior Manager Leasing on objectives. Web. 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. EBITDA increased by 30% to AED416 million with growth driven mainly from new sites in Saudi Arabia, Kuwait and Egypt. Alain Bejjani, Chief Executive Officer of Majid Al Futtaim - Holding, commented on the company’s financial results: “The pandemic has undoubtedly affected us all. 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, 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. Revenue increased by 4% and totalled AED15.1 billion, while its EBITDA grew by 18% to AED709 million. 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. 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. Share. 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. The corporation promises that circularity will be at the heart of its business model by 2030 but insists moves have already started. Majid Al Futtaim – Retail: In the first half of the year, the Carrefour business witnessed strong growth despite the prevailing conditions. 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. Al Futtaim Careers Dubai| Majid Al Futtaim Careers UAE -2020 . This was achieved despite most physical stores operating at reduced hours since March 2020, as per local government restrictions, and is a testament to the stable nature of the grocery sector. 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. Online sales increased by 263% across all markets the company operates in and contributed 3% of Carrefour’s total revenue. Web. Revenue increased by 4% and totalled AED15.1 billion, while its EBITDA grew by 18% to AED709 million. 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. Over the years, we have built and maintained a sustainable and diversified business ready to withstand the headwinds in our industries. “While the timeline for a full-scale recovery is still uncertain, we are witnessing a slow reopening of the economy. 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 … 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 KSA Edition Majid Al Futtaim – Retail: In the first half of the year, the Carrefour business witnessed strong growth despite the prevailing conditions. Majid Al Futtaim founded retailing and entertainment giant Majid Al Futtaim Holding, known as MAF, in 1992. At Majid Al Futtaim, we are committed to embedding circular economy principles into our business operations. 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 – Retail will continue to expand its physical presence across existing markets. 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. 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. 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. Majid Al Futtaim H1 2020 Financial Results: Diversified Portfolio Demonstrates Resilience Amid COVID-19 . 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. 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 … 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. MAF Global Securities Limited's global medium-term note (GMTN) programme and MAF Sukuk Ltd. have also been affirmed at 'BBB'. (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… The beautifully curated space in Mall of the Emirates takes millennials and young-at-heart culture seekers on a complete lifestyle journey. Web. August 20, 2020 real estate Majid Al Futtaim H1 revenue edges down to $4.7bn. 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. The company’s robust balance sheet has allowed it to maintain a strong financial and liquidity position even amidst extraordinarily stressed circumstances, with cash reserves to cover its net financing needs for up to 46 months, without any interventions to its previous plans. 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