Majid Al Futtaim Group

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Majid Al Futtaim Group
Native name
ماجد الفطيم
Private
Industry
FoundedMay 11, 1992; 27 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 holding company based in Dubai, that as of 2015 owned and operated shopping malls, retail, and leisure establishments in the Middle East and North Africa,[4] with operations in 13 countries .[2][5][6][7] The group was established by Majid Al Futtaim in 1992.[8] Majid Al Futtaim manages three major operating subsidiaries: Majid Al Futtaim Properties, Majid Al Futtaim Retail, and Majid Al Futtaim Ventures. As of 2015 the holding company worked in 13 countries: UAE, Lebanon, Egypt, Saudi Arabia,[9] Oman, Bahrain,[10] Kuwait, Qatar,[11] Jordan, Pakistan,[12] Iraq,[13] Armenia, and Georgia.[14]

In 2016, the group has $10.6 billion in revenues and $760 million in profits.[15]

History[edit]

In December 2018, group founder, Majid Al Futtaim is conferred the Royal Commendation Order by Sultan of Oman Qaboos bin Said al Said.[16][17]

Majid Al Futtaim Properties[edit]

Majid Al Futtaim Properties develops, owns and manages shopping malls and hotels throughout the MENA region.[18] The hotels business unit focuses on the development and asset management of hotels connected to or close to the company's shopping malls and within its master-planned communities. It owned and operated twelve hotels as of 2015.[19][20] In 2017, Majid Al Futtaim Properties reported a profit of 2.19 billion dirhams ($596.25 million), down 7% on 2016.[21]

Shopping Malls[edit]

  • Mall of the Emirates : located in Al Barsha on Sheikh Zayed Road in Dubai. Since its opening in 2005, Mall of the Emirates has become a main attraction in Dubai, welcoming more than 42 million visitors annually, official claims.[22] Mall counts more than 630 international stores.
  • Mall of Egypt : Opened in March 2017 and based Sixth of October city.The group is planning to invest in another shopping mall in Cairo.[23]
  • Mall of Saudi : in Riyadh, set to be completed by 2022.[24][25]
  • City Centre : City Centre is a brand of large-scale, mixed-use shopping destinations, complete with retail stores, restaurants and entertainment facilities, aimed to cater to the needs of tourists, residents and professionals working in the area.

There are now seven City Centre malls in the UAE, and thirteen in the wider Middle East region: Bahrain, Oman, Mirdif and Sohar.

  • City Centre Bahrain: Opened in 2008 in Manama (Bahrain).
  • Mirdif City Centre: Opened in 2010, in Dubaï.[26]
  • City Centre Muscat: opened in 2001 in Muscat (Oman). Located on Sultan Qaboos Road (3 km from Muscat International Airport), Seeb, Muscat Governorate, Sultanate of Oman. City Centre Muscat underwent an expansion in 2007 that doubled the size of the mall introducing more than 60 new stores and increasing its retail space to 60,484 square meters. In June 2013, the mall announced a second redevelopment to add 48,500 square feet of retail space dedicated to entertainment and leisure.
  • Sohar City Centre: Scheduled to open in January 2019 in Muscat (Oman) on Al Batinah main road.[27] Opening : January 2019.[28][29] The mall is worth $117 million and contains 120 stores, a nine-screen VOX Cinemas, a 7,348 sqm Carrefour and other entertainment facilities.[30] This project is part of the group's plans to reach $1.83 billion in investment by 2020 in Oman.[31] Majid Al Futtaim has previously opened other shopping centers in Oman such as City Centre Muscat and My City Centre Sur.[32][33]

Communities[edit]

MAF aims at redefining the living experience by creating fully integrated communities which integrate Majid Al Futtaim’s residential, commercial, retail, leisure and entertainment experiences.[34]

  • Al Mouj Muscat: Premium community of residential properties interspersed with green spaces, pedestrian walkways and inland waterways, retail and dining facilities, a 400-berth marina, and a golf course, designed by Australian golfer Greg Norman.[35]
  • Al Zahia:[36] Mall scheduled for completion in 2020, final completion scheduled in 2023.
  • Waterfront City Business Park[37] in Beirut, Lebanon. Scheduled for final completion in 2027.[38]
  • Tital Al Ghaf:[39] Scheduled for completion in 2027.

Majid Al Futtaim Retail[edit]

Majid Al Futtaim invests in retail sector by establishing and managing commercial projects (hypermarkets and supermarkets, fashion and speciality retail stores).[40][circular reference]

Hypermarkets and supermarkets[edit]

In 1995 the company partnered with the French multinational retailer Carrefour in order to introduce the brand to the MENA region and Central Asia, and opened the region's first hypermarket at City Centre Deira. This exclusive franchise partnership was extended to 2025.[41] In June 2017,[42] MAF announced it bought 26 Geant hypermarkets in the UAE, Bahrain and Kuwait. MAF acquired the Geant franchise from BMA International.[43] In February 2018, Egyptians Ministry of Investment and International Cooperation and the National Service Project of the Armed Forces signed a cooperation protocol with Majid Al-Futtaim in the aim to establish 100 Carrefour retail stores in different governorates of Egypt.[44] In December 2018, Majid Al Futtaim announced their plans to rebrand of Hyperstar to Carrefour across Pakistan.[45] A new Carrefour is expected to open in the Mall of Defence in Lahore in early 2019.[46] The company also introduced the world's first sail-through supermarket "Bites and More by the Shore", in December 2018. The supermarket operates off the coast of Dubai in order to cater to customers on yachts, boats and jet skis.[47] In January 2019, Majid Al Futtaim Retail signs a contract with Nshama,[48] a UAE-based developer of master-planned communities, to open a new 8,000 sq ft Carrefour Hypermarket in Town Square Dubai.[49] In January 2019, speaking at the annual World Economic Forum in Davos, Alain Bejjani (CEO) announces the group’s intention to introduce a Saudi-only workforce in the Carrefour supermarkets across the country.[50] The same year, MAF launches its Retail Business School, which focuses on programmes for employees running its Carrefour operations.[51] Majid al Futtaim currently operates 90 hypermarkets and 120 supermarkets in 15 different countries.[52]

In the first half of 2018, Majid Al Futtaim Retail launched its largest regional distribution center in Dubai’s National Industries Park.[53] 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.

In 2018, Carrefour is a top 10 popular brand in the UAE according to YouGov.[54]

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. In December 2017, Majid Al Futtaim launched its School of Analytics and Technology, along with A², its Advanced Analytics Centre of Excellence.[55] The same year, company signed a Memorandum of Understanding (MoU) with Smart Dubai to help improve the emirate’s data analytics capabilities.[56][57]

Fashion[edit]

Majid Al Futtaim operates more than 120 stores across the MENA region, with exclusive licensing rights for fashion brands such as Abercrombie & Fitch, AllSaints, Lululemon Athletica. In 2017, Majid Al Futtaim moved into the Home furnishing market with a franchise deal with homeware brand Maisons du Monde.[58]

Partnerships[edit]

  • With I.AM+:[59] In 2019, MAF is the first retail conglomerate to be announced as a member of the A.R.C[60] (a coalition of retailers, brands and service providers) and is expected to deploy an AI platform as part of its digital transformation process, to provide physical and virtual experiences across omni-channel offerings.[61][62] Artist and entrepreneur Will.I.am, founder of I.AM+, talked alongside MAF CEO Alain Bejjani at the World Economic Forum in Davos in January 2019 about the launch of their AI-powered platform and voice assistant.[63]

Online Shopping[edit]

  • Kenya : In 2018 Majid Al Futtaim group signed a partnership with online retailer Jumia.[64]
  • In 2018, MAF group invested in Wadi, the online delivery portal that operates Wadi Grocery in Saudi Arabia.[65][66] Investment is part of a $30 million funding round that will help set up the delivery structure for all Carrefour stores within Saudi-Arabia.[67]

Majid Al Futtaim Ventures[edit]

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.[68] Majid Al Futtaim Ventures is a unit of Majid Al Futtaim (MAF) Group.[69]

Leisure & Entertainment[edit]

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,[70] as well as 18 Magic Planet family entertainment centres.[71] In addition, Magic Planet operates a facility within City Centre Mirdif,[72] a temperature controlled indoor and outdoor water park, and the first Lego store in the Middle East in Abu Dhabi.[73]

  • Aquaplay[74]
  • Ski Dubai:[75] A mountain-themed snow setting at Mall of the Emirates in Dubai.
  • Ski Egypt:[76] Introduced in March 2017, it is Africa's first indoor ski slope,[77] situated at Mall of Egypt, in Cairo.
  • Orbi Dubai:[78] Initially introduced in Yokohama, Japan in 2013 as an experimental visitor attraction, Orbi is a supercharged indoor nature experience and the first of its kind in the Middle-East. The UAE will be the first market in the world to house Orbi in City Centre Mirdif. Orbi Dubai fuses BBC Earth’s world-leading nature content with SEGA’s cutting edge technology to create an entertainment experience for all guests, where visitors into the heart of nature through a multi-sensory intimate story of our planet earth.
  • Wahoo! Waterpark: Located at City Centre Bahrain with an area of 15,000 square meters, Wahooo! Waterpark is the Middle East’s first ever indoor-outdoor waterpark which offers a host of rides including Flowrider, the world’s first full size surfing machine at an indoor park.
  • iFly Dubai:[79] Indoor skydiving in Dubai.[80] Located at City Centre Mirdif, iFLY Dubai allows guests to enjoy the unique experience of human body flight.
  • Little Explorers:[81] Located at City Centre Mirdif, and is a mix of education and entertainment for children aged two to seven.
  • Magic Planet: Children can test their skills in a range of simulator, online and arcade games as well as thrilling rides. First opened at City Centre Deira[82] in 1995, Magic Planet has since grown to 32 locations across nine countries in the Middle East and Africa.

Family and Retail Entertainment[edit]

  • LEGO stores: In 2015, the group opened the first LEGO-certified store in the MENA region in Yas Mall, Abu Dhabi.[83] In 2016, a LEGO store opened at Mall 360 in Kuwait, the second in the country.[84]
  • 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. 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 opened in November 2017 at City Centre Mirdif,[85] it features engaging and immersive retail experiences, like the popular Doll Hair Salon and an on-site restaurant, as well as the latest product offerings.[86]

Cinemas[edit]

Majid Al Futtaim has 129+ cinema screens (318) across the UAE, Lebanon, Qatar, Bahrain, Kuwait, Egypt, Saudi Arabia, and Oman under the VOX Cinemas brand.[87] 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” (collaboration with Michelin Star Chef Gary Rhodes OBE) 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.

In May 2018, Cinema operator VOX Cinemas opened the first four-screen multiplex in Saudi Arabia,[88] at the company’s new entertainment complex in Riyadh Park, two weeks after the first public cinema screening in Saudi Arabia for 35 years.

At the end of 2019, VOX Cinemas, part of the Majid Al Futtaim Entertainment group, is expected to open a multi-screen venue[89] at the Wafi Mall in Dubai.[90] In January 2019, VOX cinemas opens its doors in Jeddah at the Red Sea Mall.[91]

After decades of cinema ban, Cameron Mitchell, CEO of Majid Al Futtaim Cinemas, said that MAF is contributing to the Saudi Vision 2030,[92] and the group announces in January 2019 VOX's rollout of 300 new screens in the Kingdom within 18 months, as part of a $4 billion investment plan.[50]

Restaurants and Cafés[edit]

Since 2013, Majid Al Futtaim has established a joint venture agreement with Gourmet Gulf,[93] a leading Middle East food and beverage retail company.

Within the agreement, Majid Al Futtaim now co-owns the development and franchise rights to food brands[94] such as Dalloyau, California Pizza Kitchen, Hummingbird Bakery, YO! Sushi, Texas de Brazil, across more than 20 food and beverage outlets in the GCC (Gulf Cooperation Council) and India.

Financial Services[edit]

In 2018, Majid Al Futtaim group acquires Dubai-based mobile payments provider Beam.[95][96]

Energy[edit]

Previously "MAF Dalkia" (a partnership between Majid Al Futtaim Ventures and Dalkia),[97] Enova brand is a joint venture company (Majid Al Futtaim and Veolia).[98]

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External links[edit]