Majid Al Futtaim Group Explained

Majid Al Futtaim Holding LLC
Native Name:شركة ماجد الفطيم القابضة ذ.م.م
Type:Private
Founder:Majid Al Futtaim[1]
Location:Dubai, United Arab Emirates
Brands:A&F
Carrefour
Crate & Barrel
Dalloyau
Dreamscape
lululemon

Majid Al Futtaim Holding (Arabic: شركة ماجد الفطيم القابضة) is an Emirati holding company based in Dubai. The family-owned conglomerate owns and operates shopping malls, retail, and hotel establishments in the Middle East and North Africa.[2]

The firm was established by Majid Al Futtaim in 1992[1] and is best known as the owner of the Mall of the Emirates in Dubai and being the franchisee of French hypermarket chain Carrefour in the Middle East, North Africa and Central Asia.

In 2016, MAF had $10.6 billion in revenues and $760 million in profits.[3]

History

MAF Holding was founded in 1992 when Majid Al Futtaim left the retail-oriented family business, led by his brother, Abdulla, and created a new firm to run his real estate and property management concerns. The break-up of the two firms was finalized in 2000 when the head of Dubai Sheikh Mohammed bin Rashid Al Maktoum arbitrated an agreement between the two siblings that divided their assets, liabilities and business divisions.[4] In December 2018, group founder Majid Al Futtaim was conferred the Royal Commendation Order by the Sultan of Oman, Qaboos bin Said al Said.[5] [6]

In December 2021, Majid Al Futtaim died in Dubai.[7]

In September 2022, the company was listed by Forbes in the Middle East's Top 100 Arab Family Businesses, ranking sixth.[8]

Majid Al Futtaim Properties

Majid Al Futtaim Properties develops, owns and manages shopping malls and hotels throughout the MENA region.[9] The hotels business unit focuses on the development and asset management of hotels connected to or close to the company's shopping malls and within its master-planned communities. It owned and operated twelve hotels as of 2015.[10] [11] In 2017, Majid Al Futtaim Properties reported a profit of 2.19 billion dirhams ($596.25 million), down 7% on 2016.[12]

Shopping malls

located in Al Barsha on Sheikh Zayed Road in Dubai. Since its opening in 2005, the mall has become a main attraction in Dubai, welcome more than 42 million visitors annually.[13] Mall includes more than 630 international stores.

Opened in March 2017 with location in Sixth of October. The group is planning another shopping mall in Cairo.[14]

Opened in 1998 in Ajman, UAE.

Opened in 2008 in Manama (Bahrain).

Opened in 1995 in Dubai, UAE.

Opened in 2012 in Fujairah, UAE.

Opened in 2010, in Dubai.[18]

Opened in 2001 in Muscat (Oman). Located on Sultan Qaboos Road (3 km from Muscat International Airport), Seeb, Muscat Governorate, Sultanate of Oman. City Centre Muscat underwent an expansion in 2007 that doubled the size of the mall adding more than 60 new stores and increasing its retail space to 60,484 square meters. In June 2013, the mall announced a second redevelopment to add 48,500 square feet of retail space dedicated to entertainment and leisure.

Communities

MAF aims to create communities with integrated MAF residential, commercial, retail, leisure and entertainment facilities.[20]

Majid Al Futtaim Retail

The retail division owns and operates hypermarkets and supermarkets, as well as fashion and specialty retail stores.[26]

Hypermarkets and supermarkets

In 1995 MAF Retail entered in a joint venture with French retailer Carrefour Group and became franchisee and operator of its chain of supermarkets and hypermarkets in the MENA region.[27] The joint venture, known as Majid Al Futtaim Hypermarkets, became fully owned by MAF Retail in May 2013 subsequent to Carrefour's divestment of its 25 percent share, valued at €530 million ($683 million).[28] [29] In June 2017,[30] MAF announced it bought 26 Géant hypermarkets in the UAE, Bahrain and Kuwait from BMA International. All locations were rebranded under the Carrefour banner.[31] In February 2018, Egyptians Ministry of Investment and International Cooperation and the National Service Project of the Armed Forces signed a cooperation protocol with Majid Al-Futtaim in the aim to establish 100 Carrefour retail stores in different governorates of Egypt.[32] In December 2018, Majid Al Futtaim announced their plans to rebrand of Hyperstar to Carrefour across Pakistan.[33] A new Carrefour is expected to open in the Mall of Defence in Lahore in early 2019.[34]

The company introduced the world's first sail-through supermarket "Bites and More by the Shore", in December 2018. The supermarket operates off the coast of Dubai in order to cater to customers on yachts, boats and jet skis.[35] In January 2019, Majid Al Futtaim Retail signs a contract with Nshama,[36] a UAE-based developer of master-planned communities, to open a new 8,000 sq ft Carrefour Hypermarket in Town Square Dubai.[37]

In January 2019, speaking at the annual World Economic Forum in Davos, Alain Bejjani (CEO) announced the group's intention to introduce a Saudi-only workforce in the Carrefour supermarkets across the country.[38] The same year, MAF launched its Retail Business School, which focuses on programmes for employees running its Carrefour operations.[39] Majid al Futtaim currently operates 90 hypermarkets and 120 supermarkets in 15 countries.[40]

In the first half of 2018, Majid Al Futtaim Retail launched its largest regional distribution center in Dubai's National Industries Park.[41] At an investment of over $80 million, the facility can handle up to 100,000 orders per day.

In 2018, Carrefour ranked among the ten most popular brands in the UAE in a survey by market research firm YouGov.[42]

The company has invested heavily in data analysis and digital capabilities as well as relevant companies and start-ups that serve multiples channels. In December 2017, it launched a School of Analytics and Technology, along with A², its Advanced Analytics Centre of Excellence.[43] The same year, its company signed a Memorandum of Understanding (MoU) with Smart Dubai to help improve the emirate's data analytics capabilities.[44] [45]

Fashion

MAF Fashion was created in 2005 to handle the newly acquired fashion brand Mexx franchise.[46] In 2006, Liz Claiborne Inc., Mexx's parent company agreed to extend the franchise to include Lucky Brand Jeans, Liz Claiborne and Monet & Co.[47] In February 2013 MAF Fashion signed a franchise agreement with Halston Heritage.[48] Also in 2013, MAF Fashion created a joint venture with Abercrombie & Fitch Co. that brought Hollister stores to the region.[49] Abercrombie and Fitch's eponymous brand followed in December 2014, opening its first Middle East stores in Kuwait,[50] the region's flagship store opened in Dubai in December 2015 in the MAF-owned Mall of the Emirates.[51] In February 2015 MAF Fashion signed a deal with Lululemon Athletica for a franchise in five countries, the first store opened in fall 2015.[52]

In April 2017, Majid Al Futtaim Fashion moved into the home furnishing market with a five-year franchise deal with Crate & Barrel, the first store opened in Qatar and expansion into other GCC countries followed,[53] while the first CB2 concept store opened in 2022.[54] A deal with homeware brand Maisons du Monde was signed in June 2017.[55]

Partnerships

Online shopping

In 2018 the group signed a partnership with online retailer Jumia.[61]

Majid Al Futtaim Ventures

Majid Al Futtaim Ventures is a group of companies that offer amenities such as cinemas, leisure and entertainment, financial services, fashion and healthcare and JVs in facility management and food and beverages.[65] Majid Al Futtaim Ventures is a unit of Majid Al Futtaim (MAF) Group.[66]

Leisure and entertainment

Majid Al Futtaim Leisure and Entertainment operates Ski Dubai, an indoor ski resort with 22,500 square meters of indoor ski area at the Mall of the Emirates,[67] as well as 18 Magic Planet family entertainment centres.[68] In addition, Magic Planet operates a facility within City Centre Mirdif,[69] a temperature controlled indoor and outdoor water park, and the first Lego store in the Middle East in Abu Dhabi.[70]

[72] A mountain-themed snow setting at Mall of the Emirates in Dubai.

[75] Initially introduced in Yokohama, Japan in 2013 as an experimental visitor attraction, Orbi is an indoor nature experience, fusing BBC Earth’s nature content with Sega’s technology. The first Middle East installation is planned for City Centre Mirdif in the UAE.   

Family and retail entertainment

In 2017, the group signed an agreement with American Girl, a division of Mattel, and a premium brand for dolls, giving the group exclusive distribution rights in the UAE, Saudi Arabia, Kuwait, Qatar, Bahrain and Oman. The first American Girl store in the UAE opened in November 2017 at City Centre Mirdif.[82] [83]

Cinemas

The firm has 318 cinema screens in various Middle Eastern countries.[84] Its cinemas in the Mall of the Emirates are considered as the flagship venture with 24 screens – including an IMAX with Laser, Vox 4DX auditorium, a luxury cinema experience called “ThEATre by Rhodes” (collaboration with Michelin Star Chef Gary Rhodes OBE) and Vox Kids. The 100,000sq ft venue became the largest complex in the Middle East after its re-launch on September 28, 2015.

In May 2018, Vox Cinemas opened the first four-screen multiplex in Saudi Arabia,[85] at the company's new entertainment complex in Riyadh Park, two weeks after the first public cinema screening in Saudi Arabia for 35 years.

At the end of 2019, Vox Cinemas, part of the Majid Al Futtaim Entertainment group, expects to open a multi-screen venue[86] at the Wafi Mall in Dubai.[87] In January 2019, Vox cinemas opens its doors in Jeddah at the Red Sea Mall.[88]

After decades of cinema ban, Cameron Mitchell, CEO of Majid Al Futtaim Cinemas, said that MAF is contributing to the Saudi Vision 2030,[89] and the group announces in January 2019 Vox's rollout of 300 new screens in the Kingdom within 18 months as part of a $4 billion investment plan.[38]

Restaurants and cafés

In 2013, the group established a joint venture agreement with Gourmet Gulf,[90] a food and beverage retail company.  Majid Al Futtaim now co-owns the development and franchise rights to food brands[91] such as Dalloyau, California Pizza Kitchen, YO! Sushi, Texas de Brazil, in more than 20 food and beverage outlets in the region.

Financial services

In 2018, the group acquired Beam Portal,[92] [93] a Dubai-based mobile payments provider.[94] [95]

Energy

Previously "MAF Dalkia" (a partnership between Majid Al Futtaim Ventures and Dalkia).[96] [97] [98] In 2015, MAF Dalkia Middle East rebranded its identity under the name of ‘Enova’, a joint venture company between Majid Al Futtaim and Veolia.[99]

See also

Notes and References

  1. Web site: Majid Al Futtaim . 2013 . . 26 January 2014 .
  2. Web site: Majid Al Futtaim expanding in Kenya, Egypt, Saudi Arabia, CEO says. 31 July 2018. Bloomberg.
  3. Web site:
    1. 456 Majid Al Futtaim & family
    . November 12, 2018. Forbes.
  4. Web site: https://web.archive.org/web/20100727035639/https://www.forbes.com/lists/2010/10/billionaires-2010_Abdulla-Al-Futtaim_Y6MM.html. The World's Billionaires: #880 Abdulla Al Futtaim. Forbes. Forbes.com LLC. March 10, 2010. July 27, 2010.
  5. Web site: His Majesty confers Royal Commendation Order on Majid Al Futtaim. December 11, 2018. Times of Oman.
  6. Web site: Oman- His Majesty the Sultan confers Royal Commendation on Majid al Futtaim. December 12, 2018. menafn.
  7. Web site: 'Visionary' UAE businessman Majid al Futtaim dies. December 17, 2021.
  8. Web site: Mughal . Waqar . Majid Al Futtaim Holding - The Top 100 Arab Family Businesses . 2022-10-19 . Forbes Lists . en-US.
  9. News: Dubai Finesses Ease of Luxury Shopping for Chinese . . May 2, 2012 . 23 January 2014 . Hamdan, Sara.
  10. Web site: Majid Al Futtaim Properties in Dubai. majidalfuttaim.com. 2015. https://web.archive.org/web/20160814090347/http://www.majidalfuttaim.com/our-businesses/properties/hotels. August 14, 2016. dead.
  11. Web site: Largest Hilton Garden Inn Outside America Opens in Dubai. hiltongardeninn.com . 2016 . December 24, 2015 .
  12. Web site: Majid Al Futtaim properties profits slide. February 27, 2018. Arabnews.
  13. Web site: Where shopping is just the beginning. Majid Al Futtaim.
  14. Web site: Majid Al-Futtaim set to officially open Mall of Egypt in March 2017. September 10, 2016. Daily News Egypt.
  15. Web site: Majid Al Futtaim to invest $3.7bn building two malls in Riyadh. 8 February 2016. Arabian Business.
  16. Web site: UAE's Al Futtaim Group says plans on for Saudi expansion. 16 April 2017. Gulf Business.
  17. Web site: 2022-10-25 . Mall of Saudi project set for completion in early 2026: Majid Al Futtaim CEO . 2023-04-04 . Arab News . en.
  18. Web site: Mirdif City Centre in Dubai opens to the public. March 16, 2010. Gulf News.
  19. Web site: Majid Al Futtaim's Oman mall set for January opening. December 31, 2018. Trade Arabia.
  20. Web site: Majid Al Futtaim focusing on fully integrated communities. 2 October 2018. Trade Arabia.
  21. Web site: Why Oman is the perfect winter sun destination for golfers. 28 November 2016. The Telegraph.
  22. Web site: Sharjah Govt, MAF jointly develop Al Zahia project. Gulf Property Me.
  23. Web site: Majid Al Futtaim counts on Lebanese buyers at Waterfront City project in Beirut. 6 September 2016. The National.
  24. Web site: FULL FRONTAL DEVELOPMENT. 2013. The Business Year.
  25. Web site: UAE's Majid Al Futtaim set to launch Dubai mixed-use community. 16 April 2018. Arabian Business.
  26. Web site: Majid Al Futtaim opens first Carrefour Store in Uganda . . 20 December 2019 . 11 October 2020 . Kampala.
  27. Web site: Majid Al Futtaim in Dh2.5 billion Carrefour deal to buy hypermarkets . The National . Abu Dhabi . 2013 . 13 May 2015 .
  28. Web site: Carrefour sells its stake in MAF. May 23, 2013. Joyce=first=Tom. Eurofruit. Fruitnet.
  29. News: Carrefour Réorganise Sa Présence Au Moyen-orient. 22 May 2013. French. AFP. CNews. Groupe Canal+.
  30. Web site: Majid Al Futtaim acquires Geant franchise owner in Middle East. June 29, 2017. Khaleej Times.
  31. Web site: Carrefour buys Geant, its French competitor in the Middle East. June 29, 2017. Al Arabyia.
  32. Web site: Majid Al Futtaim to open 100 Carrefour stores in Egypt. February 19, 2018. Egypt Today.
  33. Web site: Carrefour Opens in Pakistan. January 2, 2019. Good times.
  34. Web site: Carrefour Market to be opened in Lahore soon. January 9, 2019. Dispatch News.
  35. Web site: Dubai launches sail-thru supermarket for yacht owners. December 17, 2018. CNN Travel.
  36. Web site: Nshama inks deal with Majid Al Futtaim Retail. 28 January 2019. Gulf Digital News.
  37. Web site: Nshama Launches Massive Residential Project Town Square In Dubai. 26 February 2015. Gulf Business.
  38. Web site: Majid Al Futtaim boss: 'We'll be everywhere' in Saudi cinema expansion. 23 January 2019. Arab News.
  39. Web site: UAE retail giant launches first business school. 27 January 2019. Arabian Business.
  40. Web site: Majid Al Futtaim business hypermarkets supermarkets. 2019. majidalfuttaim.com. Majid Al Futtaim.
  41. Web site: Majid Al Futtaim unveils Carrefour's Regional Distribution Centre in Dubai. 1 May 2018. Images Retail Me.
  42. Web site: Emirates is most popular brand in the UAE, YouGov says. 31 July 2018. The National.
  43. Web site: Majid Al Futtaim records resilient performance. 31 January 2018. Images Retail Me.
  44. Web site: Data analytics to create "bespoke" customer experiences, says Majid Al Futtaim CEO. 11 December 2017. Arabian Business.
  45. Web site: Smart Dubai, Majid Al Futtaim to explore data development. 11 December 2017. ITP.
  46. Web site: Sleek chic. Poultney. Edward. 3 August 2007. Arabian Business.
  47. Web site: Majid Al Futtaim Fashion signs partnership with Liz Claiborne. March 22, 2006. Al Bawaba.
  48. Web site: Halston Heritage enters UAE. Emirates247.com. February 25, 2013. June 27, 2018.
  49. News: Hollister to open in United Arab Emirates via joint venture. March 1, 2013. Guyot. Olivier. Fashion Network.
  50. Web site: NEWS NOW! ABERCROMBIE & FITCH THE AVENUES, KUWAIT CITY NOW OPEN. December 23, 2014. TSOF.
  51. News: Abercrombie & Fitch opens Dubai flagship December 26. December 21, 2015. Fashion Network.
  52. Majid Al Futtaim Signs Regional Deal with lululemon athletica. February 15, 2015. Dubai. Majid Al Futtaim.
  53. News: Majid Al Futtaim becomes Crate and Barrel brand operator in Qatar. 3 April 2017. Dubai. Decypha. Mubasher.
  54. Majid Al Futtaim opens its first official CB2 store in Dubai. June 30, 2022. Dubai. Zawya. Zawya.
  55. Web site: UAE's Majid Al Futtaim signs franchise deal with homeware brand Maisons du Monde. 13 June 2017. Gulf Business.
  56. Web site: Will.i.am's startup raises $117 million, enters enterprise market. 6 November 2017. Reuters.
  57. Web site: Dubai retail giant inks deal with will.i.am's US tech firm. 22 January 2019. Arabian Business.
  58. Web site: MAF partners with will.I.AM for AI system. 22 January 2019. Arabian Industry.
  59. Web site: Majid Al Futtaim to deploy AI-based customer solutions. 24 January 2019. Trade Arabia.
  60. Web site: Will.i.am unveils new AI-powered voice assistant. 22 January 2019. Reuters.
  61. Web site: Carrefour signs deal with Jumia to offer online shopping in Kenya. November 30, 2018. Standard Digital.
  62. Web site: Majid Al Futtaim group picks up stake in Saudi e-tailer. 25 October 2018. Gulf News.
  63. Web site: UAE's Majid Al Futtaim leads $30m investment round for Saudi grocery app. 24 October 2018. Gulf Business.
  64. Web site: Wadi in $30 million strategic partnership with Majid Al Futtaim. 29 October 2018. Saudi Gazette.
  65. http://gulfbusiness.com/2015/08/dubai-mall-firm-majid-al-futtaim-h1-revenue-rises-7/ "Dubai mall firm Majid Al Futtaim H1 revenue rises 7%"
  66. News: MAF Ventures looks to markets abroad. November 1, 2015. . UAE.
  67. Web site: 8 unusual places to have the ski holiday of a lifetime . thevine.com . The Vine . 2014 . 13 May 2015 .
  68. Web site: Magic Planet opens second outlet in Bahrain . tradearabia.com . Trade Arabia . 2015 . 13 May 2015 .
  69. Web site: New A380 Simulator Launched In Dubai's Mirdif City Centre . gulfbusiness.com . Gulf Arabia. 2014 . 13 May 2015 .
  70. Web site: Lego Opens First MENA Store In Abu Dhabi, Plans Dubai Store "Soon" . Gulf Business . 2014 . 13 May 2015 .
  71. Web site: 'One-of-a-kind facility' for Mirdif City. November 25, 2009. Hotelier MiddleEast.
  72. Web site: 'World's largest indoor ski resort' coming to China -- via Dubai. September 11, 2018. CNN.
  73. Web site: The Egyptian North Pole: Experience skiing the Egyptian way!. February 19, 2017. Think Marketing.
  74. Web site: Majid Al Futtaim properties profits slide. February 27, 2018. Arab News.
  75. Web site: Dubai's City Centre Mirdif to host first Orbi interactive edutainment attraction outside Japan. 4 April 2017. The National.
  76. Web site: Dubai's Majid Al Futtaim Rules Out IPO, Plans Egypt, Saudi Expansion. March 29, 2015. Gulf Business.
  77. Web site: Indoor skydiving in Dubai. May 17, 2010. Time Out Dubai.
  78. Web site: Majid Al Futtaim Opens the doors of Mall of Egypt. March 3, 2017. Think Marketing.
  79. Web site: Saudi Arabia's biggest gaming destination opens. 10 June 2018. Trade Arabia.
  80. Web site: Lego Opens First MENA Store In Abu Dhabi, Plans Dubai Store "Soon". 27 November 2014. Gulf Business.
  81. Web site: 360 MALL now home to Kuwait's second LEGO Certified Store. 10 April 2016. Eye of Riyadh.
  82. Web site: MAJID AL FUTTAIM: AMERICAN GIRL OPENS BRAND NEW STORE AT CITY CENTRE MIRDIF. 24 November 2017. EPR Retail News.
  83. Web site: Majid Al Futtaim brings American Girl to Middle East. 12 December 2016. Trade Arabia.
  84. Web site: Majid Al Futtaim To Invest Dhs750m In Vox Cinemas Expansion . Gulf Business . 2014 . 13 May 2015 .
  85. Web site: First multiplex cinema opens in Saudi Arabia. 1 May 2018. Gulf News.
  86. Web site: New multi-screen Vox Cinemas to open at Dubai's Wafi mall. January 7, 2019. Gulf Business.
  87. Web site: Vox plans for Dubai's Wafi Mall. January 9, 2019. Intergame online.
  88. Web site: Majid Al Futtaim's Vox Cinemas opens in Jeddah. 29 January 2019. Digitalstudiome.
  89. Web site: Dubai's Vox Cinemas inks deal to bring IMAX theatres to Saudi Arabia. May 15, 2018. Arabian Business.
  90. Web site: Dubai's MAF Signs JV With Gourmet Gulf, Enters F&B Market. 12 August 2013. Gulf Business.
  91. Web site: Gourmet Gulf set to launch four new F&B brands. 26 May 2014. Arabian Business.
  92. Web site: Dubai's Majid Al Futtaim acquires UAE mobile wallet app Beam. Gulf Business. November 21, 2018.
  93. Web site: Majid Al Futtaim acquires UAE-based mobile wallet Beam. MENA Bytes. November 21, 2018.
  94. Web site: Dubai-based mobile payments provider Beam goes global after major retail acquisition. December 6, 2018. CNBC.
  95. Web site: Dubai-based mobile wallet app Beam eyes global expansion. December 8, 2018. Arabian business.
  96. Web site: Majid Al Futtaim and Dalkia expand ME FM services. December 9, 2010. Construction Week Online.
  97. Web site: MAF Dalkia Middle East. 2021-08-11. protenders.com. en.
  98. Web site: MAF Dalkia rebrands to Enova . Construction Week . June 10, 2015.
  99. Web site: France's Veolia to mobilise $200m in investments as it looks to expand Middle East footprint. January 20, 2018. The National.

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