Having suffered looting at two shopping centres in Egypt, the temporary closure of a mall next to the heart of Bahrain’s protests and its Syrian expansion plans called into question by the uprising there, it is perhaps unsurprising the company reported a Dh164.9m ($44.9m) loss for the first six months of the year.
Security concerns in Egypt continued to hurt the business even after the fall of President Hosni Mubarak in February, says Daniele Vechhi, Majid Al Futtaim’s treasurer. “People in the evening are shopping less than they used to,” he says.
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