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 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. The group continued to invest in its people agenda with more than 115,000 hours of training delivered to its employees at the Majid Al Futtaim Leadership Institute. Fitch Ratings and Standard & Poor’s have reaffirmed the company’s credit rating at ‘BBB’ with a stable outlook, for a seventh consecutive year, reiterating its credit strengths such as the resilience of its business model, quality of assets, strong corporate governance and prudent financial management. © 2021 Majid Al Futtaim. 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. Majid Al Futtaim Group's revenue falls 3% YoY to $4.7bn in H1 2020 [representational image] by Anup Oommen. 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 investments in sustainable experiences and initiatives continued to grow in 2018 with the recognition of the ‘Green Star’ Rating by Global Real Estate Sustainability Benchmarks, GRESB, for the fifth consecutive year as standards and measures are put in place across the business, resulting in a score of 84%, outperforming the global benchmark average by 7% and the GRESB average by 17%, the company is ranked 6th best performing non-listed company in the retail sector across Asia. 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. 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. 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. 20 Aug 2020 . Media Centre. Company: Majid Al Futtaim. Majid Al Futtaim hotels reported an increase of 2% in their average occupancy rate, growing to 78%, although a decline in revenue per available room (RevPAR) was reported in line with wider market trends. Majid Al Futtaim Properties develops, owns and manages shopping malls and hotels throughout the MENA region. 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. Majid Al Futtaim has 42,651 employees and is ranked 1st among it's top 10 competitors. challenging market conditions and more cost-conscious consumer behaviour across the region. Want to be the first to hear about career opportunities at our pioneering company? Of the 600 screens committed to Saudi Arabia by 2023, Majid Al Futtaim has already opened 53. New Flagship Community in Dubai. The company’s shopping malls welcomed more than 100 million visitors in the first half of the year, while the total occupancy of shopping malls remained strong at 93%. Majid Al Futtaim H1 revenue edges down to $4.7bn. 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. 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. Majid Al Futtaim has announced its preliminary and unaudited operational and financial Continue Reading 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. Find Out More. Majid Al Futtaim – Retail: In the first half of the year, the Carrefour business witnessed strong growth despite the prevailing conditions. 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. 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. 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. The company’s shopping malls welcomed more than 100 million visitors in the first half of the year, while the total occupancy of shopping malls remained strong at 93%. 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. 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. Majid Al Futtaim sees stark differences during first half. one of the favoured destinations for shopping and entertainment. The shopping mall portfolio grew to 25 destinations, with. EBITDA increased by 16% to AED 1.4 billion, largely attributable to cost optimisation initiatives and higher sales in Egypt, Saudi, Kuwait and Kenya. The diverse portfolio of cinemas, leisure and entertainment, fashion, consumer finance, food and beverage and facility and energy management reported an increase in EBITDA of 24% to AED 319 million, driven by cinemas and growth from new sites. Majid Al Futtaim Chief Executive Officer Alain Bejjani discusses the company’s pledge to sustainability. 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. In total, VOX Cinemas opened 65 new screens across the region during the first half of the year. During the first six months, Carrefour more than doubled the total number of online transactions completed during full year 2018. Majid Al Futtaim's revenue is the ranked 1st among it's top 10 competitors. VOX Cinemas strengthened its market share in Saudi Arabia, driving forward its pioneering expansion in the Kingdom with. The Carrefour brand strengthened its footprint with the opening of 7 hypermarkets and 12 supermarkets across the region. 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. 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’s sustained financial growth was driven by the expansion and diversification efforts across various geographies and by adopting a culture of operational excellence that promotes cost optimisation and efficiency. The top 10 competitors average 1.6B. 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. The company’s digital transformation saw greater online penetration through its Carrefour and VOX Cinemas brands during the first half of the year. Majid Al Futtaim – Ventures recorded an 17% increase in revenue during 2019, rising to AED2.8 billion. Majid Al Futtaim records Dh35b 2019 revenue. The group’s assets increased 7% to approximately AED64 billion, on account of the introduction of IFRS16. Majid Al Futtaim H1 revenue edges down to $4.7bn. On the sustainability front, the company continues to make headway towards its net positive commitment in carbon and water by 2040. 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 … 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. The Majid Al Futtaim Retail Business School was also established in Dubai to provide functional, commercial and on-the-job training for employees, focusing on fresh food, non-food, services and merchandising. Majid Al Futtaim today released its preliminary and unaudited operational and financial results for 2018. 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. Net borrowings stand at around AED12.8 billion. Currently, five of Majid Al Futtaim shopping malls generate more than 2.900 GWh renewable energy from solar power, saving over 1700 metric tons of CO2 emissions a year - the equivalent of taking 371 cars off the road for one year, saving up to AED1.4 million on energy costs per year. Dubai, United Arab Emirates, Majid Al Futtaim, the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia, today announced its preliminary and unaudited operational and financial results for 2018, with group revenue growing by 8% reaching AED 34.6 billion, while EBITDA increased by 9% year-on-year to AED 4.6 billion. 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. It owned and operated twelve hotels as of 2015. the launch of 49 new screens. According to Forbes, Al Futtaim has … Majid Al Futtaim has 42,000 employees across 2 locations. 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. The Company is the exclusive franchisee for Carrefour in a number of markets across the Middle East, Africa and Asia, operating a portfolio of more than 280 outlets. 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 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. Group’s malls had a combined 200m visitor turnout, but hotel numbers disappoint. 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