Al Futtaim to Pursue Expansion Following 7% Increase in Revenues

Tuesday, 9th August 2016

 

Majid Al Futtaim has announced plans to continue expanding projects after it witnessed a 7% increase in first-half revenues, reported The National.

Al Futtaim operates 19 shopping malls and plans to grow in size within the next five years as it runs investments in other Arab countries, including Egypt.

CEO Alain Beijani stated that expansion plans will run parallel with business developments in new and old markets through their financial and risk management strategy.

There was a 7% increase in earnings before interest, taxes, depreciation and amortization, worth AED 1.9 billion in the first half of the year, compared to AED.1.8 billion last year.

The company also added that its first half revenues increased by 11%, recording AED 15.2 billion compared to AED 13.7 billion last year.

Al-Futtaim also plans to launch 10 new City Centre malls, six hotels, 28 cinemas, 40 Carrefour supermarkets and  a 740,000 square meter master plan community within the next 10 years.

The company also seeks to launch a ski slope in Saudi Arabia, similar to that in the Mall of Emirates, worth AED 13.70 billion in investments.

Projects expansion will also take place in Oman, with AED 5 billion earmarked for the next four years, in addition to boosting investments by AED 9.30 billion in Egypt, and launching a Carrefour franchise in Kenya.

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