Majid Al Futtaim Group

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Majid Al Futtaim Group
Native name
ماجد الفطيم
Private
Industry
Founded May 11, 1992; 26 years ago (1992-05-11)
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
  • Sir Michael Rake (Chairman)
  • Alain Bejjani (CEO, Holding)
  • Hani Weiss (CEO, Retail)
  • Ahmed Galal Ismail (CEO, Ventures)
Revenue Increase AED 25 billion (2014) [3]
Increase AED 3.6 billion (2014)[3]
Total assets Increase 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
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[edit]

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, employing more than 40,000 people.[8]

Subsidiaries[edit]

Majid Al Futtaim Properties[edit]

Majid Al Futtaim Properties owns and operates shopping malls, hotels and mixed-use 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]

Majid Al Futtaim Retail[edit]

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][12] 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.[13] 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.[14]

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.[15]

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,[16] as well as 18 Magic Planet family entertainment centres.[17] In addition, Magic Planet operates a facility within City Centre Mirdif,[18] a temperature controlled indoor and outdoor water park, and the first Lego store in the Middle East in Abu Dhabi.[19]

Cinemas[edit]

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.[20] 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[edit]

  1. ^ "Majid Al Futtaim". Forbes.com LLC™. Forbes. 2013. Retrieved 26 January 2014.
  2. ^ 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. Mar 31, 2015. Retrieved 15 April 2015.
  3. ^ a b c "MAF FY14 Results". KPMG Lower Gulf Limited. March 28, 2015.
  4. ^ "Majid Al Futtaim, United Arab Emirates". Global Village Encyclopedia. Open Publishing. 2014. Archived from the original on February 1, 2014. Retrieved January 26, 2014.
  5. ^ 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.
  6. ^ "Majid Al Futtaim". Forbes.com LLC. Forbes. 2013. Retrieved 26 January 2014.
  7. ^ a b "Company Overview of Majid Al Futtaim Holding LLC". Businessweek.com. Open Publishing. 2014. Retrieved 26 January 2014.
  8. ^ ranju (2018-01-31). "Lulu Group, Majid Al Futtaim and Savola Among World's Top 250 Retailers". Forbes Middle East. Retrieved 2018-10-14.
  9. ^ "Majid Al Futtaim's first half revenue soars as expansion reaps benefits". The National. Retrieved 2018-10-14.
  10. ^ "MAF plans doubling residential communities' portfolio". The National. Retrieved 2018-10-14.
  11. ^ "Majid Al Futtaim opens new hotel in Dubai". tradearabia.com. Retrieved 2018-10-14.
  12. ^ "Majid Al Futtaim in Dh2.5 billion Carrefour deal to buy hypermarkets". www.thenational.ae. The National. 2013. Retrieved 13 May 2015.
  13. ^ "Nasdaq Dubai welcomes listing of 500 million dollar Sukuk by Majid Al Futtaim" (PDF). MAF Press Release. Majid Al Futtaim. December 13, 2015. Retrieved 26 January 2016.
  14. ^ "Majid Al Futtaim unveils new brand strategy to embark on next chapter of expansion". MAF Press Release. Majid Al Futtaim. December 16, 2013. Retrieved 14 January 2018.
  15. ^ "Dubai mall firm Majid Al Futtaim H1 revenue rises 7%", Gulf Business, 5 August 2015. Accessed 26 August 2015.
  16. ^ "8 unusual places to have the ski holiday of a lifetime". www.thevine.com. The Vine. 2014. Retrieved 13 May 2015.
  17. ^ "Magic Planet opens second outlet in Bahrain". www.tradearabia.com. Trade Arabia. 2015. Retrieved 13 May 2015.
  18. ^ "New A380 Simulator Launched In Dubai's Mirdif City Centre". www.gulfbusiness.com. Gulf Arabia. 2014. Retrieved 13 May 2015.
  19. ^ "Lego Opens First MENA Store In Abu Dhabi, Plans Dubai Store "Soon"". www.gulfbusiness.com. Gulf Business. 2014. Retrieved 13 May 2015.
  20. ^ "Majid Al Futtaim To Invest Dhs750m In VOX Cinemas Expansion". www.gulfbusiness.com. Gulf Business. 2014. Retrieved 13 May 2015.

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