Dubai retail and property behemoth Majid Al Futtaim posted a healthy net profit of Dh2.5 billion for 2024, marking the company’s solid performance in its malls and real estate businesses. The strong results are a testament to continued consumer confidence and increased foot traffic at its shopping malls.
The diversified portfolio of the company, comprising Mall of the Emirates and City Centre stores, recorded higher revenues as a result of growing retail expenditure, selective tenant relationships, and sustained recovery in tourism. The growth in property leasing and rental revenues also contributed to the bottom line of the group.
Aside from its leisure and retail properties, Majid Al Futtaim also enjoyed growth in the entertainment and lifestyle spaces, which brought year-over-year profitability expansion. Managers attributed the success to an approach focused on customers and creative advertising campaigns.
With expansion into emerging markets on the table and investments in green development, Majid Al Futtaim is well-positioned to continue its momentum into 2025.
