How has Majid Al Futtaim’s approach to startups changed?

How has Majid Al Futtaim’s approach to startups changed?

As a large corporate, Majid Al Futtaim (MAF) was ahead of the curve when it came to engaging with startups. The Mall of the Emirates operator has over the past few years, invested in and partnered with global and regional startups, incorporating their products and services into its ecosystem of offerings. While some of its investments like Fetchr failed to pay off, MAF has not shied away from making further investments, acquiring startups and launching its own accelerator – the MAF Launchpad to identify home-grown businesses in proptech and the health and beauty spaces.

We spoke with Joe Abi Akl, chief corporate development officer at Majid Al Futtaim Holding about the company’s ongoing efforts to work with startups. 

Why is MAF engaging with startups?

We’re an organisation that understands we need a long-term outlook, so even during the pandemic, when others were trying to focus on surviving and managing costs, our focus was dual – we wanted to ensure sustainability and survival of the business but we also started a more ambitious plan which was, how to grow by 10x and taking advantage of challenges facing the global economy.

Growing 10x doesn’t mean just on the top or bottom-line