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 – Properties registered a decline of 3 per cent in revenue and 1 per cent in EBITDA in the first six months of 2019, standing at Dhs2.1 billion and Dhs1.5 billion respectively. CASE: SM-326 DATE: 3/02/20 MAJID AL FUTTAIM IN 2019: DRIVING The company said revenue at its retail division rose by 1% to AED28.1 bn (US$7.6 bn), while EBITDA rose by 2% to AED1.4 bn (US$381.1m). EBITDA increased by 30% to AED416 million with growth driven mainly from new sites in Saudi Arabia, Kuwait and Egypt. Compared to 2018 figures, Majid Al Futtaim – Properties’ EBITDA was unchanged at AED3 billion, while revenue decreased by 1% to AED4.6 billion. The Carrefour business continued to expand with 12 hypermarkets and 30 supermarkets added to the portfolio in 2019, with a significant focus on Egypt. Majid Al Futtaim’s performance was further bolstered by its continued focus on operational excellence and its agile approach to challenging market conditions and digital disruption. 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 witnessed strong growth in key areas of its business in 2019. 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 continued its digital transformation journey, advancing capabilities in data and analytics, technology and online customer experience. In September 2019, the company brought together its lifestyle offering for the first time under one app-based rewards programme. Majid Al Futtaim – shopping mall, communities, retail and leisure operator across Continue Reading The Majid Al Futtaim ensures market penetration in several ways. In 2019, a Strategy& report said that the GCC countries could save $138 billion by 2030 by adopting a circular economic model. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. Meanwhile, EBITDA spiked by 30% to $113.3m (AED416m) that was driven by growth across Saudi Arabia, Kuwait, and Egypt. 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. The press release is provided for informational purposes only. 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 group closed last year with the Carrefour business seeing the addition of 12 hypermarkets and 30 supermarkets, with a “significant focus on Egypt. Privacy Policy. This section is about Living in UAE and essential information you cannot live without. Majid Al Futtaim’s 2019 revenue hits $9.58bn. Majid Al Futtaim’s financial and liquidity position remains strong covering its net financing needs for more than the next four years, through its cash and available committed lines. Alain Bejjani, chief executive officer of Majid Al Futtaim Holding LLC, talks about the company's financial results and business outlook. The retail division was boosted by a “margin uplift”. 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. Alain Bejjani, CEO of Majid Al Futtaim - Holding, said that, in 2019, the company advanced diversification efforts by entering new countries and expanding footprint in priority markets, while maintaining strong financial discipline across its portfolio. All rights reserved. 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 – Ventures also introduced Dreamscape, an immersive virtual reality experience at Mall of the Emirates. VOX plans to open 600 screens in Saudi Arabia by 2023. Majid Al Futtaim says its shopping malls welcomed 192 million customers during the year, a 4% increase Alain Bejjani, CEO of Majid Al Futtaim Holding. “We reached more customers in new and existing markets, both online and offline, and this has been key to our continued success.”. The group was established by Majid Al Futtaim in 1992. Dubai: The Majid Al Futtaim group recorded Dh35.2 billion in 2019 revenues, up 1 per cent from a year before. The company said revenue at its retail division rose by 1% to AED28.1 bn (US$7.6 bn), while EBITDA rose by 2% to AED1.4 bn (US$381.1m). Alain Bejjani, Chief Executive Officer of Majid Al Futtaim - Holding, said: “Majid Al Futtaim’s financial performance is driven by a sustainable business model that continues to deliver growth for the company. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Quickly uncover hidden opportunities with comprehensive data and content. The company’s shopping malls will increase to 28 assets in 2020 with the opening of two new malls in Sharjah; City Centre Al Zahia which will be the largest mall in the Northern Emirates, and Matajer Al Musalla which opened in Q1. Majid Al Futtaim’s 2019 revenue hits $9.58bn. See Majid Al Futtaim's revenue, employees, and funding info on Owler, the world’s largest community-based … CASE: SM-326 DATE: 3/02/20 MAJID AL FUTTAIM IN 2019: DRIVING 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. Majid Al Futtaim had said in August its shopping malls business saw a drop in first-half revenue. Mon, 04 Jan 2021 Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release. “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. We reached more customers in new and existing markets, both online and offline, and this has been key to our continued success. New Flagship Community in Dubai. Screen, analyze and compare projects in the Middle East and North Africa across Infrastructure, Real Estate, Industrial and Energy sectors with Refinitiv’s Eikon. Majid Al Futtaim Properties registered a 1 per cent revenue growth in 2018 at Dh4.6 billion. © Al Nisr Publishing LLC 2021. Majid Al Futtaim, a leading shopping mall and leisure . Majid Al Futtaim aims to achieve its ambitious circular economy vision in two ways: making crucial changes to the entire eco-system, and integrating lifecycle thinking into all business planning and decision-making. The group was established by Majid Al Futtaim in 1992. The corporation promises that circularity will be at the heart of its business model by 2030 but insists moves have already started. 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. Majid Al Futtaim – Properties: Majid Al Futtaim – Properties registered a decline of 3% in revenue and 1% in EBITDA in the first six months of 2019, standing at AED2.1 billion and AED1.5 billion, respectively. “With online retail gaining increased traction in core markets, both Carrefour and VOX Cinemas doubled the value of their digital sales compared to 2018,” the company added in a statement. Register to read and get full access to gulfnews.com, By clicking below to sign up, you're agreeing to our 3 3 IN H1 2019 WE HAVE SUSTAINED OUR FINANCIAL POSITION, WHILST CELEBRATING SOME MILESTONE ACHIEVEMENTS Revenue increased 1% to USD 4.9B EBITDA increased 1% to USD 0.6B Cashflow from Operations to EBITDA at 115% Issued USD 600M inaugural … Majid Al Futtaim's top competitors are Azadea, DAMAC and ASCEND Retail. Majid Al Futtaim Ventures: Majid Al Futtaim – Ventures recorded an 17% increase in revenue during 2019, rising to AED2.8 billion. 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. Dubai: The Majid Al Futtaim group recorded Dh35.2 billion in 2019 revenues, up 1 per cent from a year before. 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. The Outlook is Stable. Font Size - Aa + Dubai retail giant posts 8% rise in revenue to $9.4bn. The proceeds 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. Majid Al Futtaim performs annual audits and reports on its sustainability progress. In 2019, the company registered several significant sustainability firsts. The company's disciplined financial management translated to excellent operational cash flow amounting to 122% of EBITDA. For instance, prices are modified to suit many consumers' interests according to their capabilities in the shopping malls and hotels. 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. What's On. We’ll send you latest news updates through the day. The company raised two Green Sukuks worth $1.2 billion, with the first issuance in May becoming the world’s first … EBITDA increased by 30% to AED416 million with growth driven mainly from new sites in Saudi Arabia, Kuwait and Egypt. Terms of Use 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. During the year, the company refinanced existing debt through two Green Sukuk issuances totalling USD1.2 billion, with the initial issue being the world’s first benchmark size corporate Green Sukuk. With online retail gaining increased traction in core markets, both Carrefour and VOX Cinemas doubled the value of their digital sales compared to 2018. There is also an increase in the promotion and distribution of products into outside territories. This has come about “despite a reduction in discretionary spend and basket size due to weaker consumer sentiment,” a statement added. The UAE had earlier this year shut malls and cinemas, Majid Al Futtaim’s main source of revenue. Total occupancy at the group malls were at 93 per cent. 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. It is the first Dreamscape store to open outside of the United States. The company’s credit rating has been maintained at ‘BBB’ with a stable outlook by both Standard & Poor’s and Fitch Ratings. To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages. Its properties’ division, which houses all the malls and hotels in the portfolio, pulled in EBITDA (earnings before interest, tax, depreciation and amortisation) of Dh3 billion, unchanged from 2018. Majid Al Futtaim Hypermarkets Limited objects to the money being demanded. Founded in 1992, Majid Al Futtaim is a leading shopping mall, retail and leisure pioneer in the Middle East and North Africa (MENA). 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. VOX Cinemas will continue its expansion drive in Saudi Arabia in line with its plan to open 600 screens in the country by 2023. Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. The UAE had earlier this year shut malls and cinemas, Majid Al Futtaim’s main source of revenue. Company to inaugurate integrated mall in Madinat Nasr year-end with investments worth EGP 230m Majid Al Futtaim – Properties: Majid Al Futtaim – Properties registered a decline of 3% in revenue and 1% in EBITDA in the first six months of 2019, standing at AED2.1 billion and AED1.5 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 announced its audited operational and financial results for 2019, highlighting a revenue increase of 1% year-on-year to AED35.2 billion. Majid Al Futtaim – Ventures recorded an 17% increase in revenue during 2019, rising to AED2.8 billion. This was mainly due to the impact of challenging market conditions on revenue per available room (RevPAR) in the hotels business, despite outperforming the market in Dubai and a 3% increase in room occupancy across the Majid Al Futtaim portfolio. 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. Majid Al Futtaim, the Dubai-based retail and leisure pioneer, recently released a statement saying it has recorded $4.9bn (AED17.9bn) in revenues during the first half (H1) of 2019.According to the company, this was achieved despite the market conditions being tough and cost-conscious consumer behaviour across the region. But revenues were down 1 per cent to Dh4.6 billion. Email us at editorial.zawya@refinitiv.com, or send us your company press releases to pressrelease.zawya@refinitiv.com. MAF Global Securities Limited's global medium-term note (GMTN) programme and MAF Sukuk Ltd. have also been affirmed at 'BBB'. The total number of stores now exceeds 300 across the region, including the first store in Uganda which is providing customers with access to international-standard retail experiences. 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. The mall's operational stats on footfall and rental collection are consistent with Fitch-rated UK and continental European peers. They were placed on your computer when you launched this website. 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. The company’s long-term commitment to Egypt and Saudi Arabia has been rewarded as economic and social reforms have created new opportunities for VOX Cinemas and Carrefour to expand across both countries. The Majid Futtaim Holding Group, which was estimated to have $9.6 billion in revenues in 2019, specifically targets consumers in the Middle East and North Africa (MENA). Wed 30 Jan 2019 03:08 PM. The other big plus comes via VOX Cinemas, and its continued expansion in Saudi Arabia with 78 new screens added. 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 See Majid Al Futtaim's revenue, employees, and funding info on Owler, the world’s largest community-based … You expressly agree that your use of the information within this article is at your sole risk. Majid Al Futtaim – Properties: Majid Al Futtaim – Properties registered a decline of 3% in revenue and 1% in EBITDA in the first six months of 2019, standing at AED2.1 billion and AED1.5 billion … Find Out More. Majid Al Futtaim had said in August its shopping malls business saw a drop in first-half revenue. 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 . This website uses cookies to improve your online experience. Majid Al Futtaim – Properties registered a decline of 3 per cent in revenue and 1 per cent in EBITDA in the first six months of 2019, standing at Dhs2.1 billion and Dhs1.5 billion respectively. My City Centre Masdar in Abu Dhabi 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. The company reported a loss to its owners of Dh448m for the year to June 30, compared to a profit of Dh446m in the same period last year. The continued focus on operational excellence resulted in a margin uplift, while the company’s operational cash flow was 132% of EBITDA. 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. Majid Al Futtaim had said in August its shopping malls business saw a drop in first-half revenue. The Majid Al Futtaim Retail Business School also opened in the UAE, providing functional, commercial and on-the-job training for Carrefour employees. Majid Al Futtaim Retail generated strong revenue growth and finished the year at AED28 billion, an 8 percent increase compared to 2017, driven by the addition of new stores. 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. The total number of stores now exceeds 300. Majid Al Futtaim H1 2019 Performance Update Appendix Majid Al Futtaim Group Overview CONTENTS TABLE OF CONTENTS 2. Building on the company’s established talent agenda, more than 180,000 hours of training were delivered through the Majid Al Futtaim Leadership Institute. 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. MAF has more than … Despite a reduction in discretionary spend and basket size due to weaker consumer sentiment, Majid Al Futtaim – Retail recorded a revenue growth of 1%, standing at AED28.1 billion for 2019, while EBITDA increased by 2% to AED1.4 billion. Copyright © 2021 Zawya. Both on your website and other media. “In line with our core values and responsibility towards the environment, sustainability remains a top priority for Majid Al Futtaim. Majid Al Futtaim that is one of the leading conglomerates of the region, owning and operating shopping malls, hotels, and many other businesses across the Middle East, Africa, and Asia, had first invested $30 million in Wadi.com in November … Securing a low risk ESG rating, issuing the world’s first benchmark corporate Green Sukuk, and committing to phase out single use plastic from our operations were milestone moments in our sustainability journey.”. 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. The first method is decreasing prices to attract several new customers (Guth & Ginseberge, 1990). Majid Al Futtaim’s 2019 revenue hits $9.58bn 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. The Middle … In 2020, Carrefour will open its first store in Uzbekistan, with plans for further expansion to new markets in Central Asia and Africa. Majid Al Futtaim’s 2019 revenue hits $9.58bn 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. Majid Al Futtaim plans further expansion in markets with high growth potential as well as its home market, the UAE. VOX Cinemas, in its 20th year, increased its total number of screens to 499 across the region. After Uganda, Carrefour will soon have its first store in Uzbekistan, with plans for new markets in Central Asia and Africa. Majid Al Futtaim's top competitors are Azadea, DAMAC and ASCEND Retail. Media Centre. The owners of Carrefour supermarket have sued Kenya Revenue Authority over Sh500 million tax demand. Alain Bejjani, chief executive officer of Majid Al Futtaim Holding LLC, talks about the company's financial results and business outlook. The total number of screens under the VOX Cinemas-brand increased to 499 across the region. 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. Revenues at Majid Al Futtaim – Ventures reached $762.3m (AED2.8bn) in 2019, with an increase of 17%. EBITDA increased by 16% to AED 1.4 billion, largely attributable to cost optimisation initiatives and higher sales in Egypt, Saudi, Kuwait and Kenya. With three new shopping malls added as well as the revitalisation of existing assets, visitor figures increased by 4% year on year to 200 million while the total occupancy of shopping malls remained strong at 93%. 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 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 (Arabic: ماجد الفطيم) is an Emirati billionaire businessman, the founder, owner and president of the Majid Al Futtaim Group, an Emirati real estate … You can manage them any time by clicking on the notification icon. 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Year after year, we continue our journey with you, adhering to our commitments towards our communities and environment. The company’s disciplined financial management translated to excellent operational cash flow amounting to 122% of EBITDA, while its balance sheet remained strong with borrowing unchanged and total assets valued at AED 63 billion. You can change your cookie settings through your browser. 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. The Middle … 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. The retail division provided the bulk of the revenues, at Dh28.1 billion, which is a 1 per cent increase on 2018. 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