Despite these macroeconomic conditions, the company witnessed strong growth in its grocery retail business, with a 4% and 18% increase in revenue and EBITDA, respectively - ZAWYA UAE Edition These measures enabled us to mitigate some of the impact of COVID-19 on our performance and maintain our ‘BBB’ rating, which bears testament to the resilience of our business model and financial health. From the outset of the pandemic, Majid Al Futtaim reinforced its engagement with all stakeholders, including working closely with governments in its operational markets. We will do our part to rebuild consumer trust that is so crucial to revitalising the economy. Majid Al Futtaim sees revenue drop 3% to $4.70bn in H1 2020 By root 20th August 2020 No Comments Majid Al Futtaim, the UAE-based shopping mall, communities and retail and leisure developer operating across the Middle East, Africa and Asia, has announced its audit reviewed operational and financial results for the first six months of 2020. Majid Al Futtaim’s early efforts to future-proof the business and enhance its digital capabilities have positioned the company well to respond to shifting consumer behaviour. Majid Al Futtaim H1 2020 Financial Results: Diversified Portfolio Demonstrates Resilience Amid COVID-19 . For more information, refer to our Privacy Policy. The UAE had earlier this year shut malls and cinemas, Majid Al Futtaim’s main source of revenue. Majid Al Futtaim noted all its operating units had performed above expectations at the beginning of 2020. In the UAE, the company moved swiftly to adapt its business model, implementing global standards of health and safety, and retraining more than 1,000 employees from the cinema and leisure business to support Carrefour, in order to cater to the exponential increase in online grocery retail demand. Majid Al Futtaim is fully committed to the markets in which it operates whilst striving to bring the right product to market at the right time to deliver maximum value for customers and tenants. “Real Estate 2020 Building the future.” PWC Real Estate, 2015. This reiterates the company’s healthy liquidity position, resilience of its diversified business model, proactive and speedy approach to tackling the Covid-19 crisis and continued prudent financial management. Majid Al Futtaim Retail generated strong revenue growth and finished the year at Dh28 billion, an eight per cent increase compared to 2017, driven by the addition of new stores. Al Futtaim careers. MAJID AL FUTTAIM Green Sukuk Report 2020 1 Majid Al Futtaim's Green Finance Framework: ALLOCATION REPORTING DISCLOSURE ON THE PROCEEDS’ ALLOCATION Total amounts allocated (in millions of dollars) 2019 First Sukuk 2019 Second Sukuk Cumulative Total Overall Total Category Asset type List of eligible projects Capex (AED Mn) Opened in Refinancing Refinancing Refinancing … This was achieved despite most physical stores operating at reduced hours since March 2020, as per local government restrictions, and is a testament to the stable nature of the grocery sector. To achieve this, we must adapt to changing consumer needs and continue to ensure the highest standards of health and safety, while doubling down on our efforts to strengthen the industries and markets in which we operate.”. Alain Bejjani, Chief Executive Officer of Majid Al Futtaim - Holding, commented on the company’s financial results: “The pandemic has undoubtedly affected us all. It also operates several malls (e.g. The Offices2, level 7, For an optimal experience please rotate your device to portrait mode. Majid Al Futtaim, a shopping mall developer and retail and leisure pioneer in the region, has posted group revenue of AED17.3 billion ($4.7 billion) and EBITDA of AED1.6 billion for the first half of the year, representing declines of 3% and 27% respectively. “Sustainability Report”. In the UAE, the company moved swiftly to adapt its business model, implementing global standards of health and safety, and retraining more than 1,000 employees from the cinema and leisure business to support Carrefour, in order to cater to the exponential increase in online grocery retail demand. It also partnered with the UAE Government to launch Carrefour’s third hydroponic farm, which uses 90% less water and less space than traditional farms to deliver approximately 10 kg of fresh herbs and microgreens per day, equivalent to the yield of about one acre of farmland. This was achieved despite most physical stores operating at reduced hours since March 2020, as per local government restrictions, and is a testament to the stable nature of the grocery sector. The Outlook is Stable. The period presented two differentiated quarters, driven by the impact of the global COVID-19 pandemic. Dec 20 2020, 1:02 PM Dec 20 2020, 8:32 PM December 20 2020, 1:02 PM December 20 2020, 8:32 PM (Bloomberg) --Dubai-based mall operator Majid Al Futtaim Holding LLC expects the rollout of vaccines to help shore up the economy in 2021, following a year that saw businesses battered by lockdowns in place to combat the coronavirus pandemic. Majid Al Futtaim Ventures: Majid Al Futtaim – Ventures felt the greatest impact of the pandemic, with a 46% decrease in revenue and a 199% decrease in EBITDA in the first six months of the year, standing at AED690 million and -AED135 million, respectively. This decline was largely driven by government-mandated closures due to the pandemic, which required Leisure, Entertainment and Cinema (LEC) assets to close for a prolonged period of time. According to Forbes, Al Futtaim has a net worth of US$3.6 billion, as of September 2020. According to Forbes, Al Futtaim has a net worth of US$3.6 billion, as of September 2020. Sheikh Mohammed bin Rashid Al Maktoum mediated a settlement between Abdulla Al Futtaim and his rival, cousin Majid Al Futtaim, in 2000 which split the assets, liabilities and operations of the then-larger Al Futtaim Group. Revenue increased by 4% and totalled AED15.1 billion, while its EBITDA grew by 18% to AED709 million. **e-procurement is the process of purchasing/selling goods/services through a web interface. See insights on Majid Al Futtaim including office locations, competitors, revenue, financials, executives, subsidiaries and more at Craft. Majid Al Futtaim, the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia, today announced its audit reviewed operational and financial results for the first six months of the year. See insights on Majid Al Futtaim including office locations, competitors, revenue, financials, executives, subsidiaries and more at Craft. Developer says large-scale business disruption and cautious consumer sentiment due to COVID-19 pandemic caused decline. Web. To further strengthen its customer-centric approach, Majid Al Futtaim entered into strategic partnerships to further improve the delivery of Carrefour online orders, including with the Department of Economic Development, Aramex, and Dubai Taxi Corporation. The position is mainly responsible to maximize leasing revenue for the assigned area, ensuring implementation of best practices defined by the SMBU Corporate Leasing and managing key tenant relationships. Majid Al Futtaim – Retail: In the first half of the year, the Carrefour business witnessed strong growth despite the prevailing conditions. Sun 20 Dec 2020 12:25 PM. Get the inside scoop on jobs, salaries, top office locations, and CEO insights. Majid Al Futtaim Properties registered a 1 per cent revenue growth in 2018 at Dh4.6 billion. Share. Font Size - Aa + Dubai mall operator expects coronavirus vaccine rollout to boost economy. Majid Al Futtaim H1 2020 Financial Results, Majid Al Futtaim Retail reported 4% increase in revenue and 18% increase in EBITDA, Carrefour reported 263% increase in online sales and opened five physical stores, and three new fulfilment centres, Accelerated digital transformation with launch of new online platforms including Carrefour’s Marketplace, Trends at Your Doorstep, and Click and Collect, Shopping Malls business continued expansion plans with opening of, Dubai, United Arab Emirates, 19 August 2020. : Majid Al Futtaim, the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia, today announced its audit reviewed operational and financial results for the first six months of the year. To make sure this commitment tackles the most impactful areas, we have set out to develop an ambitious circular economy strategy - Unlocking Value: from Linear to Circular - and to set a new vision for the future of circularity for the business. “While the timeline for a full-scale recovery is still uncertain, we are witnessing a slow reopening of the economy. Dec 20 2020, 1:02 PM Dec 20 2020, 8:32 PM December 20 2020, 1:02 PM December 20 2020, 8:32 PM (Bloomberg) --Dubai-based mall operator Majid Al Futtaim Holding LLC expects the rollout of vaccines to help shore up the economy in 2021, following a year that saw businesses battered by lockdowns in place to combat the coronavirus pandemic. These initiatives complement Majid Al Futtaim’s strong focus on achieving sustainable development as a path for a resilient economic recovery, as the company remains committed to its sustainability strategy goals, including becoming Net Positive by 2040, alongside its pledge to phase-out single-use plastics from its operations by 2025. Online sales increased by 263% across all markets the company operates in and contributed 3% of Carrefour’s total revenue. Majid Al Futtaim, a shopping mall developer and retail and leisure pioneer in the region, has posted group revenue of AED17.3 billion ($4.7 billion) and EBITDA of AED1.6 billion for the first half of the year, representing declines of 3% and 27% respectively. The company will carry on its expansion plans in core markets, with new dates already announced for the opening of Mall of Oman and City Centre Al Zahia in Sharjah. Company: Majid Al Futtaim. From the outset of the pandemic, Majid Al Futtaim reinforced its engagement with all stakeholders, including working closely with governments in its operational markets. Majid Al Futtaim’s debt maturity profile is light over the next three years, with no material debt maturity until 2023. 1 In particular, the company has an exclusive franchise partnership with Carrefour (Grocery Retailer) in the region. This reiterates the company’s healthy liquidity position, resilience of its diversified business model, proactive and speedy approach to tackling the Covid-19 crisis and continued prudent financial management. However, the second half of March saw the COVID-19 pandemic take hold, leading to temporary asset closures, travel and movement restrictions and supply chain challenges affecting companies globally. Majid Al Futtaim – Properties: Majid Al Futtaim – Properties registered a decline of 26% in revenue and 27% in EBITDA in the first six months of 2020, standing at AED1.5 billion and AED1.1 billion, respectively. Despite these macroeconomic conditions, the company witnessed strong growth in its grocery retail business, with a 4% and 18% increase in revenue and EBITDA, respectively. Majid Al Futtaim (MAF) Overview. In addition, Majid Al Futtaim – Ventures will open 55 new VOX Cinemas screens in the second half of 2020. Majid Al Futtaim had said in August its shopping malls business saw a drop in first-half revenue. Get the inside scoop on jobs, salaries, top office locations, and CEO insights. Majid Al Futtaim Properties registered a 1 per cent revenue growth in 2018 at Dh4.6 billion. However, it is now presenting a gradual recovery as footfall has increased across the company’s assets towards the end of the first half of the year. Agree with Senior Manager Leasing on objectives. Majid Al Futtaim sees revenue drop 3% to $4.70bn in H1 2020 By root 20th August 2020 No Comments Majid Al Futtaim, the UAE-based shopping mall, communities and retail and leisure developer operating across the Middle East, Africa and Asia, has announced its audit reviewed operational and financial results for the first six months of 2020. Dubai-based mall operator Majid Al Futtaim Holding LLC expects the rollout of vaccines to help shore up the economy in 2021, following a year that saw … In response to the temporary closure of cinemas, Majid Al Futtaim displayed its agility by redefining its offering for movie-goers with the launch of VOX Cinemas Drive-in on the rooftop of Mall of the Emirates, which has received nearly 3,000 visitors since opening. Effective Date: November 2020 2 Version 1.0 *some of these policies are in process and their links will be added once completed. However, from the second half of March, as the effects of COVID-19 took hold its business had been affected. Despite these macroeconomic conditions, the company witnessed strong growth in its grocery retail business, with a 4% and 18% increase in revenue and EBITDA, respectively . The company will also open three supermarkets in Uzbekistan this year, marking the first entry of an international grocery retailer into the Central Asian country. EBITDA increased by 30% to AED416 million with growth driven mainly from new sites in Saudi Arabia, Kuwait and Egypt. Share. Alain Bejjani, CEO of Majid Al Futtaim Holding, expects the UAE's retail economy to be back at 2019 levels by the middle of next year The United Arab Emirates had earlier this year shut malls and cinemas, Majid Al Futtaim’s main source of revenue. The Shopping Malls business saw a drop in revenue due to temporary asset closures across the region and the proactive decision to forego rents during closure periods. Web. It also partnered with the UAE Government to launch Carrefour’s third hydroponic farm, which uses 90% less water and less space than traditional farms to deliver approximately 10 kg of fresh herbs and microgreens per day, equivalent to the yield of about one acre of farmland. Find Out More. This decline was largely driven by government-mandated closures due to the pandemic, which required Leisure, Entertainment and Cinema (LEC) assets to close for a prolonged period of time. In order to support the local food economy and guarantee a sustainable supply chain, the company collaborated with the Ministry of Climate Change and Environment (MOCCAE) to boost the availability of locally grown produce across Carrefour UAE stores, by opening new distribution channels for more than 6,000 small and medium-sized local farmers and ensuring a sustainable supply of fresh fruit and vegetables across the country. The group’s assets decreased 4% to approximately AED61.8 billion. Find out what works well at Majid Al Futtaim from the people who know best. Press Release. Compare pay for popular roles and read about the team’s work-life balance. Sun 20 Dec 2020 12:25 PM. Large-scale business disruption, combined with a much more cautious consumer sentiment resulting from the COVID-19 pandemic, saw the group report revenue of AED17.3 billion and EBITDA of AED1.6 billion, representing declines of 3% and 27% respectively. Majid Al Futtaim – Ventures felt the greatest impact of the pandemic, with a 46% decrease in revenue and a 199% decrease in EBITDA in the first six months of the year, standing at AED690 million and -AED135 million, respectively. The company will carry on its expansion plans in core markets, with new dates already announced for the opening of Mall of Oman and City Centre Al Zahia in Sharjah. However, the second half of March saw the COVID-19 pandemic take hold, leading to temporary asset closures, travel and movement restrictions and supply chain challenges affecting companies globally. Integrated lifestyle giant Majid Al Futtaim, owner of brands such as VOX Cinemas and Mall of the Emirates announces its green strategy, a commitment to sustainable business and a circular economy . Ibrahim Al-Zu'bi, Chief Sustainability Officer, Majid Al Futtaim – Holding, said: “As pioneers of sustainability in this region and building on our promise to rethink how we use resources, the launch of our circular economy strategy is a significant milestone in our sustainability journey. Majid Al Futtaim Properties, on the other hand, registered a decline of 26 per cent in revenue and a 27 per cent slide in Ebitda in the first six months of 2020, to Dh1.5bn and Dh1.1bn, respectively, the company said. Majid Al Futtaim has 42,000 employees across 2 locations. Majid Al Futtaim Group, 2015. UAE-headquartered retail developer and business conglomerate Majid Al Futtaim Group has reported a 3% year-on-year decline in revenues to $4.7bn (AED17.3bn) in H1 2020 and a 27% drop in EBITDA to $435.5m (AED1.6bn), compared to the first six months of … https://www.majidalfuttaim.com › en › media-centre › press-releases › 2020 › 0… Large-scale business disruption, combined with a much more cautious consumer sentiment resulting from the COVID-19 pandemic, saw the group report revenue of AED17.3 billion and EBITDA of AED1.6 billion, representing declines of 3% and 27% respectively. Alain Bejjani, CEO of Majid Al Futtaim - Holding. Company: Majid Al Futtaim. The company further accelerated its digital transformation journey to bolster its online capabilities to offer tenants and small businesses new and innovative platforms to reach their customers with the launch of Marketplace, Trends at Your Doorstep and THAT - its latest fashion app which will open a dedicated concept store at Mall of the Emirates later in 2020. In response to the temporary closure of cinemas, Majid Al Futtaim displayed its agility by redefining its offering for movie-goers with the launch of VOX Cinemas Drive-in on the rooftop of Mall of the Emirates, which has received nearly 3,000 visitors since opening. Fitch Ratings - London - 25 Nov 2020: Fitch Ratings has affirmed UAE-based Majid Al Futtaim Holding LLC's (MAF) Long-Term Issuer Default Rating (IDR) and senior unsecured rating at 'BBB'. The company further accelerated its digital transformation journey to bolster its online capabilities to offer tenants and small businesses new and innovative platforms to reach their customers with the launch of Marketplace, Trends at Your Doorstep and THAT - its latest fashion app which will open a dedicated concept store at Mall of the Emirates later in 2020. Majid Al Futtaim founded retailing and entertainment giant Majid Al Futtaim Holding, known as MAF, in 1992. 1 In particular, the company has an exclusive franchise partnership with Carrefour (Grocery Retailer) in … Despite weakening macroeconomic conditions, the company’s BBB credit rating and ‘stable outlook’  have been reaffirmed by Standard & Poor’s in its most recent report. Share. During the pandemic, the company moved quickly to simultaneously ramp up its digital presence whilst strengthening its fulfilment and delivery capabilities with three new fulfilment centres and darkstores established across the region, in addition to activating 53 existing stores to fulfil online orders. Majid Al Futtaim H1 2020 financial results: Diversified portfolio demonstrates resilience amid COVID-19 . This website uses cookies to improve your experience and to personalise our content to you.By continuing to use this website you consent to the use of cookies. To achieve this, we must adapt to changing consumer needs and continue to ensure the highest standards of health and safety, while doubling down on our efforts to strengthen the industries and markets in which we operate.”. © 2021 Majid Al Futtaim. Alain Bejjani, CEO of Majid Al Futtaim Holding, expects the UAE's retail economy to be back at 2019 levels by the middle of next year The United Arab Emirates had earlier this year shut malls and cinemas, Majid Al Futtaim’s main source of revenue. The company’s robust balance sheet has allowed it to maintain a strong financial and liquidity position even amidst extraordinarily stressed circumstances, with cash reserves to cover its net financing needs for up to 46 months, without any interventions to its previous plans. Effective Date: November 2020 2 Version 1.0 *some of these policies are in process and their links will be added once completed. Majid Al Futtaim (MAF) Overview MAF is a holding company that has operations across various industries in the Middle East and North Africa (MENA), boasting revenues of $9.6 billion in 2019. Purpose Majid Al Futtaim carries out significant expenditure on goods, services, works and capital projects. Majid Al Futtaim has a long history of upholding a prudent approach to financial risk management. “While the timeline for a full-scale recovery is still uncertain, we are witnessing a slow reopening of the economy. These measures enabled us to mitigate some of the impact of COVID-19 on our performance and maintain our ‘BBB’ rating, which bears testament to the resilience of our business model and financial health. The group’s assets decreased 4% to approximately AED61.8 billion. August 20, 2020 real estate Majid Al Futtaim H1 revenue edges down to $4.7bn. August 20, 2020 real estate Majid Al Futtaim H1 revenue edges down to $4.7bn. Find out what works well at Majid Al Futtaim from the people who know best. The corporation promises that circularity will be at the heart of its business model by 2030 but insists moves have already started. The company’s robust balance sheet has allowed it to maintain a strong financial and liquidity position even amidst extraordinarily stressed circumstances, with cash reserves to cover its net financing needs for up to 46 months, without any interventions to its previous plans. Majid Al Futtaim – Properties: Majid Al Futtaim – Properties registered a decline of 26% in revenue and 27% in EBITDA in the first six months of 2020, standing at AED1.5 billion and AED1.1 billion, respectively. Online sales increased by 263% across all markets the company operates in and contributed 3% of Carrefour’s total revenue. Majid Al Futtaim is fully committed to the markets in which it operates whilst striving to bring the right product to market at the right time to deliver maximum value for customers and tenants. VOX Cinemas, in its 20th year, increased its total number of screens to 499 … Media Centre. UAE-headquartered retail developer and business conglomerate Majid Al Futtaim Group has reported a 3% year-on-year decline in revenues to $4.7bn (AED17.3bn) in H1 2020 and a 27% drop in EBITDA to $435.5m (AED1.6bn), compared to the first six months of 2019, due to large-scale business disruption, combined with cautious consumer sentiment resulting from the COVID-19 pandemic. Large-scale business disruption, combined with a much more cautious consumer sentiment resulting from the COVID-19 pandemic, saw the group report revenue of AED17.3 billion and EBITDA of AED1.6 billion, representing declines of 3% and 27% respectively. Majid Al Futtaim founded retailing and entertainment giant Majid Al Futtaim Holding, known as MAF, in 1992. The company is set to implement its expansion plans in core markets during the second half of 2020 and has announced new dates for the opening of Mall of Oman and City Centre Al Zahia in Sharjah. Majid Al Futtaim – Retail will continue to expand its physical presence across existing markets. Majid Al Futtaim began the year performing above expectations across all its operating units. Majid Al Futtaim – Properties: Majid Al Futtaim – Properties registered a decline of 26% in revenue and 27% in EBITDA in the first six months of 2020, standing at AED1.5 billion and AED1.1 billion, respectively. DUBAI, UNITED ARAB EMIRATES - Majid Al Futtaim, the leading shopping mall, communities, retail, and leisure pioneer across the Middle East, Africa, and Asia, has launched its first-ever concept destination, THAT. In addition, Majid Al Futtaim – Ventures will open 55 new VOX Cinemas screens in the second half of 2020. Majid Al Futtaim also opened five physical stores and three new fulfilment centres during the first six months of the year. The corporation promises that circularity will be at the heart of its business model by 2030 but insists moves have already started. We will do our part to rebuild consumer trust that is so crucial to revitalising the economy. The Outlook is Stable. Majid Al Futtaim has a long history of upholding a prudent approach to financial risk management. Majid Al Futtaim’s debt maturity profile is light over the next three years, with no material debt maturity until 2023. Over the years, we have built and maintained a sustainable and diversified business ready to withstand the headwinds in our industries. Revenue increased1% to USD 9.6B EBITDA increased1% to USD 1.3B Cashflow from Operations ... 1 AS AT FEBRUARY 2020 17. Financing Overview. However, like the Shopping Malls business, towards the end of Q2 2020 customers began to return as leisure and entertainment assets began opening for business in a phased manner. However, like the Shopping Malls business, towards the end of Q2 2020 customers began to return as leisure and entertainment assets began opening for business in a phased manner. Revenue increased by 4% and totalled AED15.1 billion, while its EBITDA grew by 18% to AED709 million. Backed by ongoing prudent financial management, an agile mindset and the unrelenting drive of our people, we were able to respond quickly to course correct, reduce our cost base, and enhance our digital capabilities to meet the accelerated demand on multiple digital platforms. Integrated lifestyle giant Majid Al Futtaim, owner of brands such as VOX Cinemas and Mall of the Emirates announces its green strategy, a commitment to sustainable business and a circular economy . Over the years, we have built and maintained a sustainable and diversified business ready to withstand the headwinds in our industries. MAF Global Securities Limited's global medium-term note (GMTN) programme and MAF Sukuk Ltd. have also been affirmed at 'BBB'. Email . All rights reserved. By Gavin Davids. Majid Al Futtaim sees revenue drop 3% to $4.70bn in H1 2020. 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, with operations in 13 countries . MAF is a holding company that has operations across various industries in the Middle East and North Africa (MENA), boasting revenues of $9.6 billion in 2019. Majid Al Futtaim Hotels experienced a 41% drop in occupancy rates due to asset closures and reduced demand due to travel restrictions and border closures. Majid Al Futtaim – Retail will continue to expand its physical presence across existing markets. Revenue increased by 4% and totalled $4.11 billion, while its EBITDA grew by 18% to $193 million. Dubai, United Arab Emirates, 19 August 2020: Majid Al Futtaim, the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia, today announced its audit reviewed operational and financial results for the first six months of the year. Font Size - Aa + Dubai mall operator expects coronavirus vaccine rollout to boost economy. Diversified Portfolio Demonstrates Resilience Amid COVID-19, • Group reported a 3% decrease in revenue to AED17.3 billion and 27% decrease in EBITDA to AED1.6 billion• Majid Al Futtaim Retail reported 4% increase in revenue and 18% increase in EBITDA• Carrefour reported 263% increase in online sales and opened five physical stores, and three new fulfilment centres• Accelerated digital transformation with launch of new online platforms including Carrefour’s Marketplace, Trends at Your Doorstep, and Click and Collect• Shopping Malls business continued expansion plans with opening of Matajer Al Musalla mall in Sharjah• Launched new movie-going experience with VOX Cinemas Drive-in at Mall of the Emirates• Collaborated with the UAE Government to enhance local food security during the COVID-19 pandemic by introducing in-store hydroponic farming and supporting small farm owners• Maintained ‘BBB’ credit rating in latest Standard & Poor’s (S&P) report. 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