Majid Al Futtaim Group
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Native name | ماجد الفطيم |
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| Company type | Private |
| Industry | |
| Founded | May 11, 1992 |
| Founder | Majid Al Futtaim Owner [1] |
| Headquarters | Dubai, United Arab Emirates |
Number of locations | 13 countries (2015)[2] |
Area served | Middle East, Africa and Central Asia |
Key people |
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| Revenue |  AED 25 billion (2014) [3] |
| AED 3.6 billion (2014)[3] | |
| Total assets | AED 45 billion (2014)[3] |
Number of employees | 27,000 (2015) [2] |
| Subsidiaries |
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| Website | www.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]
Subsidiaries
Majid Al Futtaim Properties
Majid Al Futtaim Properties owns and operates shopping malls, hotels and communities, with further developments underway in the region.[9] 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.[10] In addition to 13 hotels as of 2018. [11]
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.[12] 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[13], 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.[14]
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).[15]
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[16], 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.[17]
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.[18] 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[19] 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.[20]
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,[21] 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).[22] 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.[23] 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.[24]
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.[25] 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.
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][26] The company holds exclusive rights to the Carrefour franchise in 38 markets across the Middle East, Africa and Central Asia, operating a portfolio of 65 hypermarkets and 85 supermarkets in 14 countries.[27] In 2014, all Carrefour outlets owned and operated by Majid Al Futtaim had their logo changed from the official Carrefour logo to the MAF "M" logo based on the parent company's rebranding strategy.[28]
Majid Al Futtaim Ventures
Majid Al Futtaim Ventures is a group of companies that offer amenities such as cinemas, leisure and entertainment, financial services, fashion and healthcare and JVs in facility management and food and beverages.[29]
Leisure & Entertainment
Majid Al Futtaim Leisure and Entertainment operates Ski Dubai, an indoor ski resort with 22,500 square meters of indoor ski area at the Mall of the Emirates,[30] as well as 18 Magic Planet family entertainment centres.[31] In addition, Magic Planet operates a facility within City Centre Mirdif,[32] a temperature controlled indoor and outdoor water park, and the first Lego store in the Middle East in Abu Dhabi.[33]
Cinemas
Majid Al Futtaim has more than 129 cinema screens across the UAE, Lebanon, Qatar, Bahrain, Kuwait, Egypt, Saudi Arabia, and Oman under the VOX Cinemas brand.[34] The VOX Cinemas in the Mall of the Emirates is considered as the flagship venture featuring 24 screens – including an IMAX with Laser, VOX 4DX auditorium, a luxury cinema experience called “THEATRE by Rhodes” and VOX Kids. The 100,000sq ft venue is considered the largest complex in the Middle East after its re-launch in September 28, 2015.
References
- ^ "Majid Al Futtaim". Forbes.com LLC™. Forbes. 2013. Retrieved January 26, 2014.
- ^ a b "Majid Al Futtaim Celebrates Two Decades of Great Moments Since Pioneering the Middle East s First Integrated Retail Experience". lianapress.ae. Liana Press. March 31, 2015. Retrieved April 15, 2015.
- ^ a b c "MAF FY14 Results". KPMG Lower Gulf Limited. March 28, 2015.
- ^ "Majid Al Futtaim, United Arab Emirates". Global Village Encyclopedia. Open Publishing. 2014. Archived from the original on February 1, 2014. Retrieved January 26, 2014.
{{cite web}}: Unknown parameter|deadurl=ignored (|url-status=suggested) (help) - ^ Press Release (May 22, 2013). "Carrefour and Majid Al Futtaim Holding Reorganize and Strengthen Their Partnership". online.wsj.com. The Wall Street Journal. Retrieved January 29, 2014.
- ^ "Majid Al Futtaim". Forbes.com LLC. Forbes. 2013. Retrieved January 26, 2014.
- ^ a b "Company Overview of Majid Al Futtaim Holding LLC". Businessweek.com. Open Publishing. 2014. Retrieved January 26, 2014.
- ^ ranju (January 31, 2018). "Lulu Group, Majid Al Futtaim and Savola Among World's Top 250 Retailers". Forbes Middle East. Retrieved October 14, 2018.
- ^ "Majid Al Futtaim's first half revenue soars as expansion reaps benefits". The National. Retrieved October 14, 2018.
- ^ "MAF plans doubling residential communities' portfolio". The National. Retrieved October 14, 2018.
- ^ "Majid Al Futtaim opens new hotel in Dubai". tradearabia.com. Retrieved October 14, 2018.
- ^ Report, Web. "Dubai ranked among world's TOP 5 shopping cities". Khaleej Times. Retrieved October 21, 2018.
- ^ "Mall of the Emirates to launch new Fashion District". ArabianBusiness.com. Retrieved October 21, 2018.
- ^ McGinley, Ashleigh. "Case study: Mall of the Emirates expansion | ConstructionWeekOnline.com". www.constructionweekonline.com. Retrieved October 21, 2018.
- ^ "Majid Al Futtaim Opens 'My City Centre Sur' in Oman". Al Bawaba. March 6, 2018. Retrieved October 21, 2018.
- ^ "Sharjah Holding opens new retail centre". www.tradearabia.com. Retrieved October 21, 2018.
- ^ "Revealed: 'Ultimate Fun' pass launched for Dubai attractions". ArabianBusiness.com. Retrieved October 21, 2018.
- ^ Futtaim, Majid Al. "HOTELS". Majid Al Futtaim. Retrieved October 21, 2018.
- ^ Butalla, Nivriti. "Ghaf: A look at the importance of UAE's national tree". Khaleej Times. Retrieved October 21, 2018.
- ^ "Majid Al Futtaim counts on Lebanese buyers at Waterfront City project in Beirut". The National. Retrieved October 21, 2018.
- ^ "Sharjah Holding launches Uptown Al Zahia residential project". ArabianBusiness.com. Retrieved October 21, 2018.
- ^ "Oman's tourism complex achieves key safety milestone". www.tradearabia.com. Retrieved October 21, 2018.
- ^ "Waterfront City celebrates the handover of its 100 homes". Retrieved October 21, 2018.
- ^ البيان, دبي - (April 20, 2018). "«ماجد الفطيم» تطلق «تلال الغاف» في دبي بـ14 مليار درهم". البيان (in Arabic). Retrieved October 21, 2018.
- ^ "Omran, Majid Al Futtaim ink $13bn JV for Muscat mega project". ArabianBusiness.com. Retrieved October 21, 2018.
- ^ "Majid Al Futtaim in Dh2.5 billion Carrefour deal to buy hypermarkets". www.thenational.ae. The National. 2013. Retrieved May 13, 2015.
- ^ "Nasdaq Dubai welcomes listing of 500 million dollar Sukuk by Majid Al Futtaim" (PDF). MAF Press Release. Majid Al Futtaim. December 13, 2015. Retrieved January 26, 2016.
- ^ "Majid Al Futtaim unveils new brand strategy to embark on next chapter of expansion". MAF Press Release. Majid Al Futtaim. December 16, 2013. Retrieved January 14, 2018.
- ^ "Dubai mall firm Majid Al Futtaim H1 revenue rises 7%", Gulf Business, 5 August 2015. Accessed 26 August 2015.
- ^ "8 unusual places to have the ski holiday of a lifetime". www.thevine.com. The Vine. 2014. Retrieved May 13, 2015.
- ^ "Magic Planet opens second outlet in Bahrain". www.tradearabia.com. Trade Arabia. 2015. Retrieved May 13, 2015.
- ^ "New A380 Simulator Launched In Dubai's Mirdif City Centre". www.gulfbusiness.com. Gulf Arabia. 2014. Retrieved May 13, 2015.
- ^ "Lego Opens First MENA Store In Abu Dhabi, Plans Dubai Store "Soon"". www.gulfbusiness.com. Gulf Business. 2014. Retrieved May 13, 2015.
- ^ "Majid Al Futtaim To Invest Dhs750m In VOX Cinemas Expansion". www.gulfbusiness.com. Gulf Business. 2014. Retrieved May 13, 2015.