Dubai, UAE, 1 June 2020: Majid Al Futtaim, the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia, has formed a strategic partnership with Mr Usta that will see the home service marketplace become the preferred after-sale solution provider for Majid Al Futtaim brands in the UAE. Alain Bejjani, Chief Executive Officer of Majid Al Futtaim - Holding, commented on the company’s financial results: “The pandemic has undoubtedly affected us all. MAF Global Securities Limited's global medium-term note (GMTN) programme and MAF Sukuk Ltd. have also been affirmed at 'BBB'. 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. 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. 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. VOX Cinemas, in its 20th year, increased its total number of screens to 499 … 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. 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. 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 – Retail will continue to expand its physical presence across existing markets. Developer says large-scale business disruption and cautious consumer sentiment due to COVID-19 pandemic caused decline. 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.”. 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 – Ventures recorded an 17% increase in revenue during 2019, rising to AED2.8 billion. 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 reported a 4 percent increase in H1 revenue and 18 percent increase in EBITDA. Share. Effective Date: November 2020 2 Version 1.0 *some of these policies are in process and their links will be added once completed. One Central, Dubai World Trade Center, Majid Al Futtaim Group, 2015. Majid Al Futtaim had said in August its shopping malls business saw a drop in first-half revenue. 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. 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. Email . Majid Al Futtaim’s debt maturity profile is light over the next three years, with no material debt maturity until 2023. Al Futtaim Careers Dubai| Majid Al Futtaim Careers UAE -2020 . 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 … Find Out More. It also opened five new physical stores, which have contributed to its growth and catered to consumer demand. Majid Al Futtaim sees revenue drop 3% to $4.70bn in H1 2020. 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. Al Futtaim careers. 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. In addition, Majid Al Futtaim – Ventures will open 55 new VOX Cinemas screens in the second half of 2020. From the outset of the pandemic, Majid Al Futtaim reinforced its engagement with all stakeholders, including working closely with governments in its operational markets. Majid Al Futtaim H1 2020 Financial Results: Diversified Portfolio Demonstrates Resilience Amid COVID-19 . Majid Al Futtaim is fully committed to the markets in which it operates whilst striving to bring the right product to market at the right time to deliver maximum value for customers and tenants. 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 will also open three supermarkets in Uzbekistan this year, marking the first entry of an international grocery retailer into the Central Asian country. 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. Revenue increased by 4% and totalled AED15.1 billion, while its EBITDA grew by 18% to AED709 million. The Offices2, level 7, For an optimal experience please rotate your device to portrait mode. Majid Al Futtaim began the year performing above expectations across all its operating units. 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. Company: Majid Al Futtaim. “Real Estate 2020 Building the future.” PWC Real Estate, 2015. 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. 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. It also operates several malls (e.g. 1 In particular, the company has an exclusive franchise partnership with Carrefour (Grocery Retailer) in the region. 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