Sector: Retail
Country: UAE
Majid Al Futtaim is a leading pioneer in shopping malls, communities, retail, and leisure across the Middle East, Africa, and Asia. Majid Al Futtaim’s shopping malls have continued to thrive with leasing occupancy hitting 97 per cent and foot fall remaining stable from record growth in 2023 across its 29 malls.
The newly optimised hotels portfolio continued to perform well. For over two decades, Majid Al Futtaim has been creating great moments— beginning with the launch of City Centre Deira in 1995, which transformed the region’s retail, leisure, and entertainment landscape and redefined how people experience places and spaces.
In April, the entity announced a landmark Dh5bn investment to transform Mall of the Emirates into a next-generation lifestyle destination. Marking the mall’s 20th anniversary, the project represents a bold reimagining of a regional retail icon building on the group’s enduring legacy of creating memorable moments and delivering world-classexperiences.
The “Mall of New Possibilities” vision will introduce new retail, dining, wellness, entertainment, and cultural offerings.
Majid Al Futtaim reported a 3 per cent increase in EBITDA at Dh4.6 billion and a 1 per cent increase in revenue to Dh33.9bn on a constant currency basis.
Net profit for the year rose by 18 per cent to Dh2.04bn before impairments, valuation gains, and UAE corporate income tax. Free cash flow increased by 270 per cent to Dh2.8bn, while net debt was reduced by Dh1bn, reaffirming the group’s BBB credit rating with a stable outlook.
Majid Al Futtaim – Properties delivered a 25 per cent increase in net revenue, driven by strong performance across malls and its residential real estate portfolio. Phases 1 and 2 of the newly launched Ghaf Woods residential development sold out in under a week, highlighting strong demand for the group’s community-focused projects and the enduring popularity of Tilal Al Ghaf.
Majid Al Futtaim Retail launched an impactful turnaround programme in Q3 2024, while the Digital vertical accelerated growth compared to 2023 and achieved full-year EBITDA profitability.
The group also launched Precision Media, its first digitally native, AI-enabled business. It achieved 13 per cent Emiratisation, earning the prestigious NAFIS award for the second consecutive year.
For the 11th consecutive year, Majid Al Futtaim has received the Green Star designation from the Global Real Estate Sustainability Benchmark (GRESB), earning a score of 87 in the Standing Investments Benchmark and 96 in the Development Benchmark.
Notably, the company was named ‘Region Sector Leader’ in the Non-Listed Residential, Asia category. It also retained its low-risk ESG rating rom Sustainalytics.
