Majid Al Futtaim aims to double in size after strong 2014


By Reuters

Dubai mall operator Majid Al Futtaim signalled on Tuesday it expects the emirate to remain a magnet for shoppers, announcing plans to double its business within five years as it reported strong results for 2014.

The privately-owned firm said in a statement that revenue rose 11 per cent to Dh25 billion ($6.81 billion) and earnings before interest tax depreciation and amortisation (EBITDA) 10 per cent to Dh3.6 billion. It did not disclose net profit.

Its Mall of Emirates complex features the first indoor ski slope built in the Middle East.

“With an ambition to double the size of the business over the next five years, Majid Al Futtaim plans further investment to deliver world-class malls in the region,” the company also said.

“Additional hypermarkets and supermarkets, as well as family entertainment centres, are also planned.” More info