Majid Al Futtaim to focus on economic expansion, regional prosperity, says Bejjani

Majid Al Futtaim to focus on economic expansion, regional prosperity, says Bejjani

Strong customer-focused strategy supported by unrivalled data and analytics capabilities has enabled Majid Al Futtaim to deliver sustained growth through H1 2022, said Alain Bejjani, chief executive officer of Majid Al Futtaim – Holding on Wednesday as the company announced its audit reviewed operational and financial results for H1 2022.

"Our efforts have been further amplified by Mena’s steady progress in moving beyond post-pandemic recovery as we collectively turn our efforts toward economic expansion and regional prosperity," said Bejjani.

The leading shopping malls, communities, retail and leisure pioneer across the Middle East, Africa, and Central Asia reported a revenue of Dh18 billion, an increase of 15 per cent compared to H1 2021.

EBITDA rose 18 per cent to Dh1.9 billion, a result of the company’s solid operational performance, driven by diversification efforts and a continued focus on cost efficiencies and scale. The group continues to maintain a strong balance sheet with total assets valued at around Dh62.9 billion. Net borrowings stood at Dh11.2 billion.

Alain Bejjani, chief executive officer of Majid Al Futtaim – Holding.

"The growth delivered in the first half of the year is encouraging. While our region is not immune to building global inflation and supply chain pressures, Majid Al Futtaim remains