MAF Holding Reports 10% Revenue Increase

Dubai-based mall and hotel firm pulls in profits amid MENA Arab Spring turmoil.

Property and retail firm Majid Al Futtaim Holding (MAF) said gross revenues grew by 10 per cent year on year to reach Dhs19.6 billion in 2011.

MAF’s EBITDA grew by 19 per cent year on year to Dhs2.8 billion and its balance sheet showed assets of Dhs36.1 billion, said the company which released today its audited financial statements for the full year ended 31 December 2011.

Iyad Malas, CEO of Majid Al Futtaim Holding said: “We had an excellent year despite political and social turmoil in some of the MENA markets, a testimonial to the resilience of our business fundamentals”

“We have also diversified our funding sources and will continue to strengthen our financial profile in line with international best practices. Our efforts have been evidenced in the credit assessments of the rating agencies and in the success of our pioneering public debt issuance.”

The shopping mall, retail and leisure company, has several hotel and mall projects Middle East and North Africa region, including Mall of the Emirates in Dubai and the management of French hypermarket chain Carrefour,

Last month, MAF Holding issued a successful Sukuk of $400 million for investment in new properties across Egypt.