Overview
Majid Al Futtaim Holding LLC is a prominent family-owned conglomerate headquartered in Dubai, United Arab Emirates. It was established in 1992 by Majid Al Futtaim and has grown to be a leading provider of integrated lifestyle services across the Middle East, Africa, and Central Asia. The conglomerate operates a diverse portfolio of shopping malls, hotels, retail outlets, and leisure establishments.
Financial Highlights
In 2023, Majid Al Futtaim reported annual revenues amounting to AED 34.5 billion, with an operating income of AED 4.6 billion. The net profit stood at AED 2.7 billion, while their total assets were valued at AED 69.7 billion.
Key Business Divisions
Majid Al Futtaim Properties
This division is responsible for the development, ownership, and management of shopping malls and hotels within the Middle East and North Africa region. Key properties include the Mall of the Emirates in Dubai and Mall of Egypt. The division is also working on the Mall of Saudi, projected for completion by FY2025-2026.
Majid Al Futtaim Retail
The retail arm operates under the Carrefour franchise, managing hypermarkets and supermarkets across the MENA region. The division became fully owned by Majid Al Futtaim in 2013, currently managing over 90 hypermarkets and 120 supermarkets in 15 countries. The division aims for further expansion, particularly in Egypt with 100 new stores planned.
Majid Al Futtaim Ventures
This segment includes a variety of entertainment and leisure facilities, such as Ski Dubai and Magic Planet centers, as well as cinema operations via VOX Cinemas. There are also ventures into financial services and partnerships with companies like Lululemon Athletica and Crate & Barrel.
Executive Leadership
Ahmed Galal Ismail is the CEO, overseeing the company's strategy towards sustainability and innovation in business practices. Sir Michael Rake serves as the Chairman, Hani Weiss as CEO of the retail segment, and Khaled El Chidiac leads Global Solutions.
Organizational Endeavors
Majid Al Futtaim is resolute in its commitment to sustainability, exemplified by the issuance of an oversubscribed green sukuk. It leverages data analytics and digital transformation to augment its customer experiences and business innovations.
Strategic Partnerships
Majid Al Futtaim has formed strategic alliances with organizations such as Caffe Nero, Roads and Transport Authority, and Ogilvy India, enhancing its service offerings and operational reach.
Primary Competitors
Nakheel
- Industry: Real Estate Development
- Key Projects: Notable for developing Palm Jumeirah, Nakheel enhances Dubai's urban infrastructure in alignment with the Dubai 2040 Urban Master Plan.
- Location: Dubai, United Arab Emirates
LuLu Group International
- Industry: Retail, Hospitality, Wholesale Distribution, Real Estate Development
- Profile: Operates in 25 countries; substantial presence in hypermarkets and shopping malls.
- Annual Turnover: USD 8 billion
- Employees: Over 70,000
- Location: Abu Dhabi, United Arab Emirates
Landmark Group
- Industry: Retail, Hospitality, Healthcare
- Profile: Started in 1973; manages more than 2,400 outlets across multiple countries.
- Location: Dubai, United Arab Emirates
Alshaya Group
- Industry: Retail Franchise Operations
- Profile: Operates over 70 brands in sectors including fashion, food, health & beauty, and home furnishings.
- Location: Kuwait City, Kuwait
HNA Group
- Industry: Airlines, Hospitality, Tourism, Real Estate, Finance, Logistics
- Profile: Chinese conglomerate with assets worth $145 billion, operating across diverse sectors.
- Location: Haikou, Hainan, China
