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Expanded the Holding company description and added "Current operation", "Future expansions", "Financing" and "Sustainability" sections. Sources were also added to these sections.
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Named by Forbes Middle East as one of the “50 Most Influential Expats in the UAE in 2018”<ref>{{Cite news|url=https://www.forbesmiddleeast.com/en/list/50-most-influential-expats-in-the-uae-2018/|title=50 Most Influential Expats In The UAE|last=ranjujason|work=Forbes Middle East|access-date=2018-11-04|language=en-US}}</ref>, Alain Bejjani was appointed in 2006 as Chief Executive Officer of Majid Al Futtaim.
Named by Forbes Middle East as one of the “50 Most Influential Expats in the UAE in 2018”<ref>{{Cite news|url=https://www.forbesmiddleeast.com/en/list/50-most-influential-expats-in-the-uae-2018/|title=50 Most Influential Expats In The UAE|last=ranjujason|work=Forbes Middle East|access-date=2018-11-04|language=en-US}}</ref>, Alain Bejjani was appointed in 2006 as Chief Executive Officer of Majid Al Futtaim.


=== '''Current Operations''' ===
=== Current Operations ===
The Company owns and operates 23 shopping malls, 13 hotels and four mixed-use communities, with further developments underway. Their shopping mall portfolio includes [[Mall of the Emirates]], Mall of Egypt, City Centre malls, My City Centre neighbourhood centres and four community malls which are in joint venture with the Government of [[Emirate of Sharjah|Sharjah]].
The Company owns and operates 23 shopping malls, 13 hotels and four mixed-use communities, with further developments underway. Their shopping mall portfolio includes [[Mall of the Emirates]], Mall of Egypt, City Centre malls, My City Centre neighbourhood centres and four community malls which are in joint venture with the Government of [[Emirate of Sharjah|Sharjah]].


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The Company also owns the rights to The [[Lego|LEGO]] Store and [[American Girl]] in the Middle East and operates in the food and beverage industry through a partnership with Gourmet Gulf.
The Company also owns the rights to The [[Lego|LEGO]] Store and [[American Girl]] in the Middle East and operates in the food and beverage industry through a partnership with Gourmet Gulf.


=== '''Future Expansions''' ===
=== Future Expansions ===
The company has made investments to improve customer experience and optimize customer journeys.
The company has made investments to improve customer experience and optimize customer journeys.


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The group is set to open three new shopping malls in 2018, including My City Centre Al Dhait, which opened in January in the UAE, City Centre Sohar and My City Centre Sur in Oman.
The group is set to open three new shopping malls in 2018, including My City Centre Al Dhait, which opened in January in the UAE, City Centre Sohar and My City Centre Sur in Oman.


=== '''Financing''' ===
=== Financing ===
In the first quarter of 2017, Majid Al Futtaim issued a USD 500 million corporate hybrid to pre-fund its inorganic expansion plan. Both Fitch Ratings and Standard & Poor’s reaffirmed the company’s credit rating at BBB with a stable outlook, for a seventh consecutive year.<ref>{{Cite web|url=http://www.gdnonline.com/Details/384564/Majid-Al-Futtaim-H1-revenues-jump-12pc-to-$485bn|title=UAE Business: Majid Al Futtaim H1 revenues jump 12pc to $4.85bn|website=www.gdnonline.com|access-date=2018-11-04}}</ref>
In the first quarter of 2017, Majid Al Futtaim issued a USD 500 million corporate hybrid to pre-fund its inorganic expansion plan. Both Fitch Ratings and Standard & Poor’s reaffirmed the company’s credit rating at BBB with a stable outlook, for a seventh consecutive year.<ref>{{Cite web|url=http://www.gdnonline.com/Details/384564/Majid-Al-Futtaim-H1-revenues-jump-12pc-to-$485bn|title=UAE Business: Majid Al Futtaim H1 revenues jump 12pc to $4.85bn|website=www.gdnonline.com|access-date=2018-11-04}}</ref>


Majid Al Futtaim’s top-line financial growth has been largely driven by the group’s expansion and diversification efforts, alongside its ongoing focus on operational excellence across all operating companies and business units. The company reported a 13 percent increase in its revenues to Dh17.8 billion ($4.85 billion) for the first half of 2018,  and earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 4 per cent to Dh2.1bn.
Majid Al Futtaim’s top-line financial growth has been largely driven by the group’s expansion and diversification efforts, alongside its ongoing focus on operational excellence across all operating companies and business units. The company reported a 13 percent increase in its revenues to Dh17.8 billion ($4.85 billion) for the first half of 2018,  and earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 4 per cent to Dh2.1bn.


=== '''Sustainability''' ===
=== Sustainability ===
Ibrahim N. Al-Zu'bi joined Majid Al Futtaim Properties in 2011 as Head of Sustainability overseeing the sustainability strategy of Majid Al Futtaim Properties and is charged with raising company’s sustainability profile in the Middle East. The implementation of strategy started in the properties division, with City Centre Mirdiff becoming the first green mall in the United Arab Emirates and the first in the Middle East region to be LEED core and chill Gold certified.
Ibrahim N. Al-Zu'bi joined Majid Al Futtaim Properties in 2011 as Head of Sustainability overseeing the sustainability strategy of Majid Al Futtaim Properties and is charged with raising company’s sustainability profile in the Middle East. The implementation of strategy started in the properties division, with City Centre Mirdiff becoming the first green mall in the United Arab Emirates and the first in the Middle East region to be LEED core and chill Gold certified.


Revision as of 18:17, 4 November 2018

Not to be confused with Al-Futtaim Group.
Majid Al Futtaim Group
Native name
ماجد الفطيم
Company typePrivate
Industry
FoundedMay 11, 1992; 32 years ago (1992-05-11)
FounderMajid Al Futtaim Owner [1]
HeadquartersDubai, United Arab Emirates
Number of locations
13 countries (2015)[2]
Area served
Middle East, Africa and Central Asia
Key people
  • Sir Michael Rake (Chairman)
  • Alain Bejjani (CEO, Holding)
  • Hani Weiss (CEO, Retail)
  • Ahmed Galal Ismail (CEO, Ventures)
RevenueIncrease AED 25 billion (2014) [3]
Increase AED 3.6 billion (2014)[3]
Total assetsIncrease AED 45 billion (2014)[3]
Number of employees
27,000 (2015) [2]
Subsidiaries
  • Majid Al Futtaim Properties

    Majid Al Futtaim Retail

    Majid Al Futtaim Ventures
Websitewww.majidalfuttaim.com

Majid Al Futtaim (Arabic: ماجد الفطيم) is an Emirati multinational conglomerate which owns and operates shopping malls, hotels, communities, retail, and leisure establishments across the Middle East, Africa and Asia.[4][5] The group was established by Emirati billionnaire Majid Al Futtaim[6] in 1992. Its headquarters are located in Dubai, United Arab Emirates.[7] The conglomerate manages three major operating subsidiaries: Majid Al Futtaim Properties, Majid Al Futtaim Retail, and Majid Al Futtaim Ventures.

History

Majid Al Futtaim group was founded in 1992 as Majid Al Futtaim Holding, (formerly known as MAF), by Emirati billionaire Majid Al Futtaim. In 1995, the group opened City Centre Deira, their first shopping mall in the United Arab Emirates. They haves since grown into one of the world’s largest retailers spanning 15 international markets and employing more than 40,000 people.[8]

Holding Company

Management

A single shareholder, Majid Al Futtaim, controls the Majid Al Futtaim group. Risks associated with the concentrated shareholder structure have been mitigated by the adoption of governance standards and experienced board members at both the holding and operating company levels. Potential for growth in the 1990s precipitated the decision to embed corporate governance standards across the Majid Al Futtaim business, including the separation of ownership and management, and the voluntary adoption of the UK’s Combined Code on Corporate Governance.[9]

Named by Forbes Middle East as one of the “50 Most Influential Expats in the UAE in 2018”[10], Alain Bejjani was appointed in 2006 as Chief Executive Officer of Majid Al Futtaim.

Current Operations

The Company owns and operates 23 shopping malls, 13 hotels and four mixed-use communities, with further developments underway. Their shopping mall portfolio includes Mall of the Emirates, Mall of Egypt, City Centre malls, My City Centre neighbourhood centres and four community malls which are in joint venture with the Government of Sharjah.

They also hold exclusive rights to the Carrefour franchise in 38 markets across Middle East, Africa and Central Asia, and with the Hyperstar brand in Pakistan, operate a portfolio of more than 230 outlets in 15 countries.

As of 2018, the Company operates 322 VOX Cinema screens and 34 Magic Planet family entertainment centers, in addition to leisure and entertainment facilities such as Ski Dubai, Orbi Dubai and Ski Egypt, among others.

The Company is parent to the consumer finance company 'Najm', a fashion retail business representing international brands such as Abercrombie & Fitch, AllSaints, lululemon athletica, Crate & Barrel and Maisons du Monde. In addition, Majid Al Futtaim operates Enova, a facility and energy management company, through a joint venture operation with Veolia, a global leader in optimized environment resource management.

The Company also owns the rights to The LEGO Store and American Girl in the Middle East and operates in the food and beverage industry through a partnership with Gourmet Gulf.

Future Expansions

The company has made investments to improve customer experience and optimize customer journeys.

In 2017, Majid Al Futtaim joined Series B financing of Dreamscape Immersive[11] with plans to expand the Dreamscape Immersive VR entertainment experience to the Middle East. The company has also invested in last mile delivery start-up Fetchr.[12] Fetchr, a Dubai-founded technology start-up, will provide logistical support called “Hands Free Shopping,” utilizing its app and GPS locating system to allow shoppers to pinpoint where they want their bags to be delivered, and then transporting them.  

The Company plans to expand and enhance its cinema experience across the Middle East region through its VOX Cinemas brand.[13]  Additionally, Majid Al Futtaim Retail, the grocery retail unit of the regional conglomerate, is expands its Carrefour regional franchise and consider acquisition opportunities in Saudi Arabia. The company plans to invest between Dh1.5 billion and Dh2bn in expanding Carrefour’s store portfolio by 2021, with Saudi Arabia, Egypt, Pakistan and East Africa the key growth markets outside the UAE.[14] In 2018, Carrefour also launched its online retail platform in Abu Dhabi and Dubai, which allows customers to order groceries and household essentials online.

The group is set to open three new shopping malls in 2018, including My City Centre Al Dhait, which opened in January in the UAE, City Centre Sohar and My City Centre Sur in Oman.

Financing

In the first quarter of 2017, Majid Al Futtaim issued a USD 500 million corporate hybrid to pre-fund its inorganic expansion plan. Both Fitch Ratings and Standard & Poor’s reaffirmed the company’s credit rating at BBB with a stable outlook, for a seventh consecutive year.[15]

Majid Al Futtaim’s top-line financial growth has been largely driven by the group’s expansion and diversification efforts, alongside its ongoing focus on operational excellence across all operating companies and business units. The company reported a 13 percent increase in its revenues to Dh17.8 billion ($4.85 billion) for the first half of 2018,  and earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 4 per cent to Dh2.1bn.

Sustainability

Ibrahim N. Al-Zu'bi joined Majid Al Futtaim Properties in 2011 as Head of Sustainability overseeing the sustainability strategy of Majid Al Futtaim Properties and is charged with raising company’s sustainability profile in the Middle East. The implementation of strategy started in the properties division, with City Centre Mirdiff becoming the first green mall in the United Arab Emirates and the first in the Middle East region to be LEED core and chill Gold certified.

In 2017,  Majid Al Futtaim launched a Net Positive strategy to strengthen its commitment to sustainability. It aims to reduce water consumption and carbon emissions to the extent that the company will put more back into the environment than it takes out by 2040.[16] Majid Al Futtaim is the first company in the Middle East region to make a Net Positive commitment.

The Company’s  Sustainable Development Strategy "Dare Today, Change Tomorrow" outlines their commitment to building a sustainable future by taking action in three fundamental areas that it can have the greatest impact in. The strategy incorporates a framework for implementing sustainability standards across all of Majid Al Futtaim’s operating companies, and outlines sustainability requirements for contractors. Majid Al Futtaim’s approach is aligned to international standards and contributes to ten of the United Nations’ Sustainable Development Goals (SDGs).

In line with its sustainability strategy, Majid Al Futtaim announced in March 2017 breaking ground on My City Centre Masdar, its first shopping mall in Abu Dhabi, a $92.6m (AED340m) retail and leisure development. Set to open in Q2 2019, the project is designed to meet the requirements of an Estidama Three Pearl, equivalent to a LEED Gold rating. Majid Al Futtaim intends to deploy resource- and energy-efficient processes on the project, from the construction phase to the finished mall.These include a waste management scheme designed to divert at least 70% of the total solid waste generate away from landfills, as well as collecting and segregating food waste and landscaping waste for composting off-site. Building practices aimed at reducing noise and dust on site will also be implemented. The group has also announced plans to reduce overall energy consumption at the mall by 40% annually through the use of LED lighting, among other measures such as low-flow bathroom taps, recycling grey water for landscape irrigation and toilet facilities, and generating 20% of its electricity requirements from solar panels on the roof.

In May 2018 Majid Al Futtaim unveiled the first phase of the Mall of the Emirates’ solar photovoltaic (PV) plant, which is set to generate 3GWh of clean energy, saving up to $381,139 annually.[17] Enova, the energy and facilities management specialist has overseen the installation of 7,291 photovoltaic panels, which were fitted to 1,068 carports. Spanning over 11,996sqm, the plant is the equivalent size of two football fields, while the retrofit of the premises’ existing car park structure is a regional first.

Subsidiaries

Majid Al Futtaim Ventures

Majid Al Futtaim Ventures was founded with the purpose of combining all Majid Al Futtaim’s leisure, entertainment and business ventures under one platform.[18]

Along with global fashion brands and popular leisure and entertainment brands such as VOX Cinemas, Magic Planet, Ski Dubai, Ski Egypt, iFly Dubai, Orbi Dubai and Wahooo!, Majid Al Futtaim Ventures also includes the Najm Visa credit card range, and an energy and facilities management solutions company called Enova, and a partnership with Gourmet Gulf.

Majid Al Futtaim Ventures’ Middle Eastern retail franchise business portfolio brands includes fashion brands like Abercrombie & Fitch[19], Hollister, lululemon athletica[20], Monsoon, Accessorize[21], Sacoor Brothers and AllSaints[22]; today brands Lego Store[23] and American Girl[24]; and home brands Crate & Barrel[25] and Maisons du Monde[26].

Majid Al Futtaim Ventures’ revenue increased by 13 percent in the first six months of 2018 to AED1.1 billion (AED 1.5 billion including joint ventures and associates). The diverse portfolio of cinemas, leisure and entertainment, fashion, consumer finance, food and beverage and facility and energy management reported an EBITDA increase of 2 percent to AED118 million.

Cinemas

Majid Al Futtaim operates Vox Cinemas[27], the Middle East’s largest cinema brand with 35 cinema complexes totaling 347 screens across the region, including 14 cinemas in the UAE, 11 in Oman, 2 in Egypt, 2 in Bahrain, 1 in Saudi Arabia, 1 in Kuwait, 1 in Lebanon, and 1 in Qatar. In May 2018, Majid Al Futtaim opened a four-screen multiplex in Saudi Arabia, at the company’s new entertainment complex in Riyadh Park Mall. VOX Cinemas offers a mix of cinema experiences including the VOX THEATRE by Rhodes, which is a collaboration with Michelin Star Chef OBE Gary Rhodes[28], VOX GOLD (a luxury cinema experience) and VOX KIDS.  VOX Cinemas also has the very first and only IMAX with Laser screen in the Middle East[29] and its own large format VOX MAX big screen cinema, in addition to the Middle East exclusive rights to 4DX.[30]

VOX Cinemas has continued expansion across the Middle East region with 59 new screens added, including Sharjah’s first 12-screen VOX Cinemas at City Center Sharjah, which includes GOLD by Rhodes, KIDS and the CITY 101.6 FM MAX screen. VOX Cinemas also plans to launch 600 screens across Saudi Arabia, with the potential to create 3,000 jobs.[31]

Leisure Destinations

Ski Dubai

Surrounded by a cluster of chalets and restaurants, Ski Dubai[32] is a mountain-themed snow setting at Mall of the Emirates in Dubai.  Snow-centered activities available to visitors include skiing, snowboarding, tobogganing, meeting and swimming with penguins, in a sub-zero temperatures. Covering 22,500 square meters with real snow, this experience attracts both amateur and professional snow sport enthusiasts, residents and tourists; and includes five ski runs of varying difficulty, a freestyle zone, a zip wire and the world’s largest indoor Snow Park sized at 3,000 square meters.[33]

Ski Egypt

Ski Egypt is a 7,700 square meters destination housed inside the recently opened $700 million, 1.8 million-square-foot Mall of Egypt on the outskirts of Cairo. It is Africa's first man-made indoor ski slope.[34]

The Snow Park in Ski Egypt operates  at -2°C and houses activities aimed at all ages and all skill levels. Ski Egypt is home to Egypt’s only 10 penguins. The penguins are of the Gentoo and Chinstrap species, two of the largest penguin types worldwide.

Orbi Dubai

Initially introduced in Yokohama, Japan in 2013 as an experimental visitor attraction, Orbi is described as supercharged indoor nature experience and is the first of its kind in the Middle-East.

Combining the Sega technologies with the BBC Earth’s natural history content, Orbi Dubai takes visitors into a nature environment through a multi-sensory intimate story of planet earth. Orbi Dubai features a custom-built theater, a 35 meter- wide screen with innovative audio-visual technology, and interactive walk-through touch points.

Wahooo! Waterpark

Located at City Centre Bahrain with an area of 15,000 square meters, Wahooo! Waterpark is the Middle East’s first indoor-outdoor water park.,It offers water rides including Flowrider, the world’s first full size surfing machine at an indoor park. With 70 percent of the pool deck area indoors and 30 percent outdoors, Wahooo! is equipped for guests all year-round with temperature-controlled surroundings and pools. The park is sub-tropical paradise themed

iFLY Dubai

iFLY Dubai is the first indoor skydiving center in the Middle East and offers its guests the experience of human body flight. Located at City Centre Mirdif, iFLY Dubai includes the world’s first-ever double vertical wind tunnels where customers are suspended 3 meters above the ground. It has been compared to the experience of bungee jumping, skydiving and base-jumping. iFly uses patented technology to ensure a high degree of safety and is accessible to all ages and all experiences.

Little Explorers

Little Explorers is located at City Centre Mirdif, and is a mix of education and entertainment for children aged two to seven. The 2,000 square meters space of Little Explorers is organized into 5 distinct zones aimed at children to build identity, enhance their spatial perception, exercise, experiment and stimulate their quest for knowledge[35]. Little Explorers will also be opening its doors at Riyadh Park, which will be its first venue in the Kingdom.

Family Entertainment Centres

Magic Planet

Launched as a signature brand at the time of Majid Al Futtaim’s first shopping mall opening at City Centre Deira in 1995, Magic Planet now has presence in 32 locations across nine countries in the Middle East and Africa.[36]

Children can test their skills in a range of simulator, online and arcade games as well as theme-park style rides. The attractions for younger children include Ferris wheels, trampolines, merry-go-rounds and large soft-adventure playgrounds; while the entire family can enjoy bumper cars, indoor golf, pool tables and ten-pin bowling alleys.[37]

In June 2018, Majid Al Futtaim announced the opening of Magic Planet at Riyadh Park, the venue is set to be the Magic Planet’s biggest opening to date. Spanning 10,000 square meters, gaming guests will have access to a selection of new attractions including The Twist and Swing, for older customers, and the Magic Tree, for the younger ones. These attractions are exclusive to Magic Planet Riyadh Park and a first in the region.[38]

Guests will also be able to access other Magic Planet offerings including the G-force ride, bumper cars and go-karting. Rides aimed at thrill seekers include Crystal Mine Train and Gravity, Magic Planet’s indoor trampoline park,and younger customers can explore Kids Square and Soft Play Area.

Magic Planet Riyadh Park also hosts the first VOX Cinemas, a four-screen multiplex in Saudi Arabia.

Retail Entertainment

American Girl

In 2017, Majid Al Futtaim signed an exclusive retail agreement with American Girl, a division of Mattel, and a premium brand for dolls[39]. The deal also encompasses Majid Al Futtaim being awarded exclusive distribution rights in the UAE, Saudi Arabia, Kuwait, Qatar, Bahrain and Oman, spanning bricks and mortar retail, airport-based retail and e-commerce.

The first American Girl store in the UAE, which opened in 2017, features retail experiences, like the popular Doll Hair Salon and an on-site restaurant, as well as all of the latest product offerings.[40]

LEGO stores

Majid Al Futtaim and the LEGO Group signed a partnership in 2014, creating the first LEGO-certified stores in in Dubai, Abu Dhabi and Kuwait[41].The first LEGO stores opened in 2015 in Yas Mall, Abu Dhabi followed by three in Dubai, Mall of the Emirates, City Centre Mirdif and Dubai Mall; and two in Kuwait, Avenues Mall and Mall 360.

Fashion

Majid Al Futtaim Fashion brings fashion and retail brands to the Middle East region, with more than 100 stores and exclusive licensing rights across the region for names like Abercrombie & Fitch, Hollister, AllSaints, Lululemon Athletica, Monsoon, Accessorize and Sacoor Brothers. As of 2017, Majid Al Futtaim Fashion has moved into the Home Furnishings market through its franchise partnerships with Crate & Barrel[42] and Maisons Du Monde[43].

Restaurants and Cafes

In 2013, Majid Al Futtaim established a joint venture agreement with Gourmet Gulf, a leading Middle East food and beverage retail company with a 10-year regional presence.[44]

Within the agreement, Majid Al Futtaim co-owns the development and franchise rights to food brands such as Azkadenya, Dalloyau, California Pizza Kitchen, Hummingbird Bakery, YO! Sushi, Panda Express, Texas de Brazil, across more than 20 food and beverage outlets in the GCC and India.

Consumer Finance

Majid Al Futtaim Finance was founded in 2008. Made up of consumer finance products including Najm Visa credit cards, a portfolio of prepaid cards, a mobile commerce and rewards platform that turns smartphones into digital wallets and allows customers to shop, earn and redeem rewards while enjoying specifically targeted offers and promotions, all without using cash or cards. Majid Al Futtaim manage a range of financial services from issuing, payment schemes, technology and card production, to full 24hour operational and customer service support. In 2017, Majid Al Futtaim launched Najm One, a Visa credit card with an innovative frequency-of-use based rewards program.

Energy & Facilities Management

Within the energy and facilities management sector, Majid Al Futtaim has created a joint venture with Veolia. A global leader in optimized resource management, Veolia specializes in designing and providing water, waste, and energy management solutions that contribute to the sustainable development of communities and industries.

The new company formed by the joint venture is called Enova.[45] It has established itself as a ‘business booster’ by developing bespoke energy management solutions providing energy savings for business-to-business customers across the Middle East.

As part of Majid Al Futtaim’s strategy to become net positive in water consumption and carbon emissions by 2040, Enova recently unveiled the first phase of Mall of the Emirates’ solar photovoltaic (PV) plant, set to generate three GWh of clean energy, saving up to AED1.4m energy costs per year. Led by Enova, 7,291 photovoltaic panels were fitted to 1,068 carports spanning 11,996 sq m. This new solar PV plant is set to reduce 2,500 tonnes of carbon dioxide (CO2) emissions every year.[46]

Majid Al Futtaim Retail

Majid Al Futtaim Retail introduced Carrefour (initially called Continente) to the Middle East in 1995, opening the region's first hypermarket at City Centre Deira.[7][47] The company holds the exclusive franchise rights to operate Carrefour in 38 markets across the Middle East, Africa and Asia, and operates a portfolio of more than 240 outlets in 15 countries.[48] Majid Al Futtaim introduced the French retail giant Carrefour to the region in 1995 in Majid Al Futtaim’s first shopping mall, City Centre Deira.[49][50]

Carrefour currently employs over 36,000 colleagues across its operations in the UAE, Saudi Arabia, Bahrain[51], Kuwait, Oman[52], Qatar[53], Jordan, Iraq, Lebanon[54], Egypt[55], Kenya[56], Armenia, Georgia and Kazakhstan.

Majid Al Futtaim Retail recently began a digital transformation program and launched e-commerce and m-commerce services (in selected markets). As part of Majid Al Futtaim’s group-wide to be as prominent digitally as it is physically, the company has invested heavily in data analysis and digital capabilities as well as relevant companies and start-ups that serve the wider omni-channel eco-system.[57]

In the first half of 2018, Majid Al Futtaim Retail launched its largest regional distribution center in Dubai’s National Industries Park. At an investment of over US$80m, the facility can handle up to 100,000 orders per day to cater to the average of 700,000 daily transactions across its regional operations.[58]

Majid Al Futtaim Retail has made efforts to employ locals[59] wherever they operate and also endeavours to source their products from local farmers and suppliers where possible, contributing to the formalization, growth and success of the local supply chain wherever they operate. Majid Al Futtaim Retail has signed partnerships with local authorities and NGO’s to formalize its pledges to supporting local and SME suppliers, local employment and the support and employment of people with determination.

Beyond commercial operations, Majid Al Futtaim Retail engages in several community development and sustainability initiatives and was the first to introduce reusable bags[60] in the retail sector in most countries in which it operates the Carrefour franchise. The company recently signed an agreement with Enova[61], a regional leader in integrated energy and multi-technical services, to help it advance its sustainability ambitions, by lowering its energy and utility consumption, and explore and execute renewable energy solutions. This comes as part of Majid Al Futtaim’s wider commitments to become a net positive company by 2040 in water usage and carbon emissions.

Along with its e-commerce efforts, Majid Al Futtaim Retail is pursuing an aggressive expansion strategy for its physical stores which began with the acquisition of Retail Arabia that operated 30 hypermarkets and supermarkets under the Géant and Gulf Mart brand in the UAE, Bahrain and Kuwait in 2017.[62] In early 2018, Majid Al Futtaim Retail signed an agreement with the Egyptian authorities to operate up to 100 additional stores in Egypt.[63]

The business’ focus of leading on product range, quality, hygiene, value and customer experience has seen it play a key role in formalizing the retail sector in the countries it operates in, uplifting quality and retail standards, fighting inflation and introducing healthier alternatives at accessible prices. Its Carrefour stores was found to offer the best value among supermarket and hypermarket chains in Dubai by an independent study conducted by Souqalmal.com.[64] The brand’s super customer experience also ranks it top in the retail sector for brand intimacy and a top 10 for brand popularity in the UAE by YouGov.[65]

In the first half of 2018, Majid Al Futtaim Retail reported a 15% growth in revenue versus the previous year to reach AED 14.6 bn while EBITDA rose 11% to AED 600m.[66]

Majid Al Futtaim Properties

Majid Al Futtaim Properties owns and operates shopping malls, hotels and communities, with further developments underway in the region.[67] The shopping malls’ portfolios include Mall of the Emirates, Mall of Egypt, City Centre malls, My City Centre neighborhood centers, and four community malls, one of which (Al Zahia) is a joint venture with the Government of Sharjah.[68] In addition to 13 hotels as of 2018. [69]

Shopping Malls

The group’s shopping mall portfolio has 23 operational shopping centers across the UAE, Egypt, Lebanon, Bahrain and Oman providing a total area of over 1.3 million square meters with more than 178 million visitors annually.  

The starting point was in 1995 with City Centre Deira, which was the region’s first integrated shopping mall and modern retail concept to include a hypermarket, Carrefour, and the first family entertainment center, Magic Planet.

Mall of the Emirates, meanwhile, was the shopping destination that brought Ski Dubai, the largest indoor ski slope, to the MENA region.

Mall of the Emirates

Mall of the Emirates is located in Al Barsha on Sheikh Zayed Road in Dubai. Upon its opening in 2005, Mall of the Emirates was the region’s first shopping resort and flagship luxury destination.[70] It has since become a main attraction in Dubai, welcoming more than 42 million visitors annually. Home to more than 630 international stores, totaling 255,489 square meters of retail space, the mall offers more than 80 of the world’s most prestigious brands housed in the Fashion Dome and the level 1 luxury wing[71], such as Louis Vuitton, Chanel and the Middle East flagship for Prada.

Mall of the Emirates has more than 100 restaurants and cafés. It also features major department stores including Harvey Nichols - Dubai and Debenhams, as well as fashion, lifestyle, sports, electronics, home furnishing outlets and the largest Carrefour hypermarket in the city.

The mall also features direct access to the Dubai Metro, family leisure offerings include Ski Dubai - the Middle East’s first indoor ski resort and snow park, VOX Cinemas - the largest cinema ever built in the Middle East with a 24-screen entertainment complex, and a Magic Planet. Two 5-star hotels, the Kempinski Mall of the Emirates and Sheraton Dubai Mall of the Emirates Hotel, adjoin the mall.

Mall of the Emirates’ AED 1 billion multi-stage redevelopment project, Evolution 2015, was completed in September 2015 and added 36,000 square meters of retail, dining and entertainment experiences through an entirely new floor, funded by an investment of more than AED 1 billion.

The Mall of the Emirates extension includes a 100,000 m2 revamped 24-screen Vox Cinemas – the largest in the Middle East – as well as space for 40 retail shops and 12 restaurants. The initiative also added 1,300 shaded parking spaces with a dedicated entrance, as well as a new taxi arrival facility located next to the Ski Dubai venue.[72]

Mall of Egypt

The Mall of Egypt is a 165,000 square meter shopping mall owned and operated by the Majid Al Futtaim Group. with direct access to Wahat Road, the mall includes 6,500 car parking spaces.

It is a sister brand to Mall of the Emirates, and combines local and international retailers. The Mall of Egypt features dining outlets, large department stores as well as other fashion, lifestyle, sports, electronics and home furnishing outlets.

The Mall of Egypt’s family leisure offerings include Ski Egypt – Africa’s first indoor skiing slope, a 21 multi-screen VOX Cinemas and a Magic Planet family entertainment center.

City Centre

City Centre is a Majid Al Futtaim brand of large-scale, mixed-use shopping destinations, complete with retail stores, restaurants and entertainment facilities, catering to the needs of tourists, residents and professionals

Each City Centre’s retail and entertainment offering is tailored to the needs of the communities it serves, with a focus on affordable, fast fashion for the entire family as well as value-centric electronics and homewares.

The year 2015 marked an important milestone for Majid Al Futtaim as the group celebrated the City Centre brand’s 20th anniversary. There are now seven City Centre malls in the UAE, and 6 in the wider Middle East region.

In 2014, Majid Al Futtaim announced the launch of My City Centre, a neighborhood retail concept tailored to growing residential communities within the Middle East. The malls aim at providing accessible, convenient shopping and service destinations to addresses the immediate needs of residents. Also acting as a social hub for the local community, My City Centre holds the same design as Majid Al Futtaim’s City Centre shopping malls, within a more intimate and convenience-minded environment. Branches in the UAE include My City Centre Nasseriya (Sharjah), My City Centre Al Barsha (Dubai), My City Centre Al Dhait (Ras Al Khaimah), and My City Center Sur (Oman).[73]

Matajer is a neighborhood retail-center concept created by Sharjah Holding (UAE), which is a joint venture between Majid Al Futtaim Properties and the government of Sharjah[74], bringing small-scale, high quality retail and easy access to everyday services to neighborhoods across Sharjah. The flagship Matajer Al Quoz opened in October 2011, followed by Matajer Al Juraina, Matajer Al Khan and Matajer Al Mirgab in 2012 in residential and academic areas of Sharjah. All Matajer locations are anchored by Majid Al Futtaim – Retail’s Carrefour.

Hotels

The integrated retail, leisure and entertainment business model is the foundation of Majid Al Futtaim as a hotel developer and asset manager in the Middle East and North Africa region.

This has meant developing hotels that are connected to, or adjacent to the group’s shopping malls to offer the combination of hospitality, shopping and leisure experiences.[75]

This strategy has increased the group’s market share and has given Majid Al Futtaim hotels a competitive edge; where they drive up to 25% premium in operating returns above the same hotel brands within the same city.[76] Majid Al Futtaim’s business model is to own and develop their hotels but outsource the management to leading international operators such as Mariott International, Hilton Worldwide, AccorHotels, and Kempinski.

Majid Al Futtaim owns a portfolio of 13 hotels in the UAE and Bahrain. Hotels in the UAE include: Kempinski Hotel Mall of The Emirates, Sheraton Dubai - Mall Of The Emirates Hotel, Pullman City Centre Deira, Pullman City Centre Deira Residences, Novotel Dubai City Centre Deira, Novotel Suites Dubai Mall Of The Emirates, Ibis Dubai City Centre Deira, Ibis Dubai Mall Of The Emirates, Ibis Dubai Al Rigga, Hilton Garden Inn Dubai Mall Of The Emirates and Aloft Dubai City Centre Deira. In addition, there are two properties in Bahrain: The Westin City Centre Bahrain, and Le Méridien City Centre Bahrain.

Communities

The Communities’ business creates, develops and manages landmark destinations, which integrate Majid Al Futtaim’s residential,commercial, retail, leisure and entertainment experiences.  Majid Al Futtaim currently has three live communities in Sharjah (Al Zahia), Oman (Al Mouj Muscat) and Lebanon (Waterfront City) and two in the pipeline, Tilal Al Ghaf in the UAE and Madinat Al Irfan in Oman.

Tilal Al Ghaf

This community is Majid Al Futtaim’s entry to the Dubai residential property sector. Tilal Al Ghaf, whose name was inspired by the Middle Eastern Ghaf tree[77] which is the national tree of the UAE and symbol of local heritage and sustainability, spans 3 million square meters at the intersection of Hessa Street and Sheikh Zayed Bin Hamdan Al Nahyan Street, near Dubai Sports City.

It will be built over multiple phases with completion scheduled for 2027, the project will include more than 6,500 freehold homes ranging from apartments, townhouses and bungalows, through to larger, luxury villas.

Homes will be arranged within four walkable neighborhoods, with around 355,000 square meters of landscaped open space including green spaces and play areas, 18 kilometers of walkable trails and 11km of cycling paths.[78]

Al Zahia

Located within New Sharjah, Al Zahia spans an area of over 1,000,000 square meters and features a variety of high-end villas, town houses and apartments. Al Zahia is owned and developed by Sharjah Holding,[79] a strategic partnership between Majid Al Futtaim - Properties and Sharjah Asset Management, represented through the formation of Sharjah Holding.

Al Zahia residential offerings are designed around themed parks and multipurpose areas. The company has delivered phase two of the Al Zahia residential community in Sharjah, followed by a second release in a third neighborhood, Al Lilac. The community will offer direct pedestrian access to the City Centre Al Zahia, a Dh2.6 billion mall scheduled to open in 2020.It is located on University City Road and minutes from Sharjah International Airport and the SAIF Zone.

Upon completion in 2023, Al Zahia will be home to 12,000 residents in 2,270 villas, townhouses and apartments. Structured in the form of 8 neighbourhoods, Al Zahia features 6 themed community parks

Al Mouj Muscat

Al Mouj Muscat, which translates from Arabic as The Wave, is Oman's leading integrated tourism complex (ITC).[80] It is viewed as a premium community of residential properties interspersed with green spaces, pedestrian walkways and inland waterways, exciting retail and dining facilities, a 400-berth marina, and Oman’s only signature PGA Standard 18-hole links golf course, designed by Greg Norman.

This community is also home to a number of luxurious hotels managed by international hospitality

brands, with 120 retail stores and public spaces.

Waterfront City

Located on the 700-berth La Marina Joseph Khoury in the Greater Beirut area, Waterfront City is a joint venture between Majid Al Futtaim – Properties and Joseph G. Khoury & Fils Holding.[81] When complete, the project will have 2,000 residential units, two hotels, 60,000 square meters of office space and 12,000 square meters of retail. It will also have Majid Al Futtaim’s trademark City Center shopping mall. The residential prices at the upscale project, which launched in 2013, would range between $3,200 and $6,900 per square meter. Offices would range between $3,600 and $4,200 per square meter.[82]

Waterfront City blends maritime lifestyle and neighborhood environments with leisure, hospitality, business and retail components. The development over looks the Mediterranean Sea, and features shopping, numerous dining options and entertainment offerings.

Madinat Al Irfan

In 2018, Oman Tourism Development Company Omran and Majid Al Futtaim entered a joint venture to develop a new mixed-use community in the western area of Madinat Al Irfan, an OMR 5 billion project.[83] The community will be a new downtown area for the Muscat capital district.

Spanning over 4.5 million sqm, Madinat Al Irfan will feature more than 11,000 residential units comprising villas, townhouses and apartments, 100,000 sq.m. of retail space, 700,000 sq.m. of office space, as well as a number of cultural and lifestyle offerings.

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External links

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