The group, which operates 28 shopping centres in key locations such as the UAE, Egypt and Saudi Arabia expects Q4 retail revenue in the UAE to be greater than pre-pandemic levels.
Middle East shopping mall operator, Majid Al Futtaim, has commented that retail revenues in the UAE are beginning to bounce back to pre-covid levels and the group are confident that Quarter 4 and the latter part of the year will see retail revenues exceeding pre-pandemic numbers.
Chief Executive, Alain Bejjani, commented: “We are seeing a very solid recovery in the brick and mortar spend on the shopping side. The amount of spend is growing greater than the footfall growth so the reality is people are being more purposeful of going out to malls and are spending more when going out.”
Bejjani is confident that in the fourth quarter of this year, revenues will exceed the same period in 2019, before the pandemic struck. Although no figures were declared, he did confirm that retail revenue earned in the UAE was now close to 2019 levels.
