Property

UAE’s Majid Al Futtaim reports 29% profit hike

Highlights in 2015 included 36,000sqm Mall of the Emirates expansion

PHOTO: The City Centre Mirdif mall in Dubai. Credit: Supplied

The UAE-based retail conglomerate Majid Al Futtaim has reported a 29% increase in its annual net profit, which rose to AED3.3 billion ($898.5m) in 2015.

Group revenue for the shopping mall giant, which operates the City Centre network, rose 8% year-on-year to AED27.3 billion, Majid Al Futtaim said in a statement.

Highlights for Majid Al Futtaim last year included the opening of the new 36,000sqm expansion of the Mall of the Emirates in Dubai, and the completion of City Centre Muscat’s 10,000sqm redevelopment.

The group also saw its flagship City Centre network expand to 13 malls in the region, with the opening of City Centre Me’aisem and City Centre Shindagha in the UAE.

“Our business continued to grow throughout 2015, allowing us to record an 8% growth in revenue. In the face of a softening in global economy, we achieved growth by continuing to move forward with a number of large scale projects,” said Alain Bejjani, CEO at Majid Al Futtaim Holding.

“We truly believe in the potential of the MENA region and look forward to delivering solid results in the years to come as we continue to grow our business in new markets in the region and beyond.”

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