Tuesday, Jan 22, 2013
Majid Al Futtaim (MAF) Ventures, a division of MAF Holdings that operates its entertainment and leisure segments, is planning to open Magic Planet entertainment centers in Jordan, Egypt and Lebanon this year, according to a top company official.
The company handles fashion, finance, leisure and Vox Cinema within of MAF and has earmarked capital expenditure of Dh500,000 million for 2013 for its projects, Ahmed Ismail, chief executive of MAF Ventures, told Gulf News. It plans to roll out its Magic Planet centers in the Taj shopping mall in Amman by April, Cairo Festival City by mid-year and Beirut City Center in 2013, he said. “Egypt is on a steady path. The leisure business is back to pre-revolution levels.” In UAE, its Ski Dubai snow resort in Mall of the Emirates attracted one million visitors in 2012—its best year so far, according to Ismail. A combination of strong influx of tourists and the return of consumer confidence has boosted business in the UAE, he said.
The consumer finance unit of the business, which has the Najm credit cards, saw consumer billings reach Dh1bln in 2012 across credit and prepaid cards, he said. Prepaid cards recorded a 40 percent year on year growth in terms of money loaded onto the cards.
MAF Ventures, which recently set up MAF Healthcare that entered into a strategic partnership with Fortis Healthcare, is expected to open its first multi-specialization clinic by June this year in Deira City Center, he said.
MAF Ventures is looking into signing new fashion retail brands and bringing new leisure concepts to Dubai, added Ismail, but he would not provide details; not until the deals are finalized, he said.
He echoed his confidence that the recently announced mega theme parks for Dubai, once materialised, would “Grow market pie rather than take a shares away.”
More iconic brands from the US, Japan and South East Asia are expected to enter Dubai market, that has become a platform for introducing new brands to the rest of the region, he said.
The changing profile of tourists, mainly the influx of Chinese tourists into Dubai, will also adjust the purchasing and staff training requirements for fashion retailers, he noted. “The taste profile and size profile will change.”
By Deena Kamel Yousef Staff Reporter
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