Majid Al Futtaim Holding LLC plans to proceed with expansion across some of the most troubled countries of the Middle East, tapping the rising disposable income of the region’s growing population.
“We continue to focus on a prudent and sustainable growth strategy,” said Chief Executive Officer Iyad Malas in a statement announcing the full-year earnings of the Dubai-based malls and hotels operator. He confirmed plans to complete this year the Beirut City Center Mall, and to start construction on the Beirut Waterfront project in Lebanon, and the Mall of Egypt in Cairo.
The privately owned company, also known by its acronym MAF, reported a 10 percent increase in revenue to 21.6 billion dirhams ($5.9 billion) in 2012, on higher hotel occupancy and sales at its Carrefour supermarkets, the company said in a statement. Earnings before interest, taxes, depreciation and amortization rose 7 percent to 3 billion dirhams.
Mall Operator MAF of Dubai Stays Course on Mideast Plan - Bloomberg
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