Majid Al Futtaim Holding, owners of Mall of the Emirates and Carrefour, announce a 10 per cent rise in revenues in 2011 compared to the previous year
The UAE business giant that owns Mall of the Emirates and boasts brands including French retailer Carrefour yesterday unveiled a strong set of 2011 results it said were the best in its 20-year history.
Major conglomerate Majid Al Futtaim Holding said its revenues last year were up 10 per cent to Dhs18.7 billion ($5.1 billion) on 2010 and operating income was up 18 per cent to Dhs2.7 billion - a showing the firm said was its best since it started-up in 1992.
Majid Al Futtaim Holding CEO Iyad Malas said that 2011 "was another outstanding year" for the company. "In particular, strong performance in Dubai helped to offset any softness resulting from regional turmoil," he added. The firm's property unit - which also boasts Dubai malls Deira City Centre and Mirdif City Centre - accounted for 62 per cent of its parent company's income this year, proving Dubai shoppers are still spending despite global gloom.
The company said it plans to open a further two malls this year - in Fujairah and the Lebanese capital Beirut - and start construction on its Mall of Egypt project in Cairo. "Diversification across business segments and geographies has been a key driver in ensuring strong operating performance," the firm's CEO Malas concluded.
© 7Days 2012
