Despite a 27% drop in earnings for the first six months of the year, Majid Al Futtaim remains committed to plans to expand across a number of its operations.
The company has already announced opening dates for some of its key locations across the UAE including Mall of Oman, and City Centre Al Zahia in Sharjah. The retail arm of MAF will continue its rapid expansion, opening physical locations in well-established markets and also opening three new supermarkets in Uzbekistan this year.
Majid Al Futtaim Ventures saw the biggest hit of the pandemic with a 46% decrease in revenue in the first six months. However, the company hopes to rectify this and has revealed plans to open 55 new VOX cinemas in the second half of 2020.
CEO of Majid Al Futtaim, Alain Bejjani has commented: ‘While the timeline for a full-scale recovery is still uncertain we are witnessing a slow reopening of the economy. We will do our part to rebuild consumer trust that is so crucial to revitalising the economy’.
