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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. 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 . 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. We will do our part to rebuild consumer trust that is so crucial to revitalising the economy. 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. Dubai, UAE January 27, 2020: Majid Al Futtaim, the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia, in partnership with the World Economic Forum has launched a report which outlines how the MENAP region can unlock USD 2.5 trillion in Gross Domestic Product (GDP) and create 80 to 100 million new jobs through an Economic Integration Initiative. Majid Al Futtaim Properties registered a 1 per cent revenue growth in 2018 at Dh4.6 billion. 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 … 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. 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. The Outlook is Stable. 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. 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. Revenue increased by 4% and totalled AED15.1 billion, while its EBITDA grew by 18% to AED709 million. Agree with Senior Manager Leasing on objectives. Majid Al Futtaim’s debt maturity profile is light over the next three years, with no material debt maturity until 2023. 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. 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. The group’s assets decreased 4% to approximately AED61.8 billion. 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. 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. Revenue increased by 4% and totalled AED15.1 billion, while its EBITDA grew by 18% to AED709 million. Compare pay for popular roles and read about the team’s work-life balance. 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. Majid Al Futtaim Group, 2015. Posted on August 20, 2020. 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 … All rights reserved. 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 … 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. According to Forbes, Al Futtaim has a net worth of US$3.6 billion, as of September 2020. 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. 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 H1 2020 Financial Results: Diversified Portfolio Demonstrates Resilience Amid COVID-19 . Uncover why Majid Al Futtaim is the best company for you. Majid Al Futtaim began the year performing above expectations across all its operating units. Majid Al Futtaim retail reported a 4 percent increase in H1 revenue and 18 percent increase in EBITDA. “Real Estate 2020 Building the future.” PWC Real Estate, 2015. 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. https://www.majidalfuttaim.com › en › media-centre › press-releases › 2020 › 0… **e-procurement is the process of purchasing/selling goods/services through a web interface. It also opened five new physical stores, which have contributed to its growth and catered to consumer demand. Tweet. Majid Al Futtaim has 42,000 employees across 2 locations. Web. The group was established by Majid Al Futtaim in 1992. 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. 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 opened five new physical stores, which have contributed to its growth and catered to consumer demand. See insights on Majid Al Futtaim including office locations, competitors, revenue, financials, executives, subsidiaries and more at Craft. 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 – 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. Email . Majid Al Futtaim H1 2020 financial results: Diversified portfolio demonstrates resilience amid COVID-19 . 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 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 also opened five physical stores and three new fulfilment centres during the first six months of the year. Find Out More. Majid Al Futtaim Properties registered a 1 per cent revenue growth in 2018 at Dh4.6 billion. Press Release. The Offices2, level 7, For an optimal experience please rotate your device to portrait mode. Agree with Senior Manager Leasing on objectives. Majid Al Futtaim – Ventures recorded an 17% increase in revenue during 2019, rising to AED2.8 billion. **e-procurement is the process of purchasing/selling goods/services through a web interface. What's On. 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. 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. 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. Majid Al Futtaim had said in August its shopping malls business saw a drop in first-half revenue. 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'. 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. Effective Date: November 2020 2 Version 1.0 *some of these policies are in process and their links will be added once completed. August 20, 2020 real estate Majid Al Futtaim H1 revenue edges down to $4.7bn. 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. The period presented two differentiated quarters, driven by the impact of the global COVID-19 pandemic. By Gavin Davids. 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. 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 has a long history of upholding a prudent approach to financial risk management. Company: Majid Al Futtaim. 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. Uncover why Majid Al Futtaim is the best company for you. For more information, refer to our Privacy Policy. 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. 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.”. 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. It also operates several malls (e.g. 1 In particular, the company has an exclusive franchise partnership with Carrefour (Grocery Retailer) in the region. Over the years, we have built and maintained a sustainable and diversified business ready to withstand the headwinds in our industries. 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. 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