#Dubai’s MAF to Grow Property Business After Revenue Jump - Bloomberg

Dubai’s MAF to Grow Property Business After Revenue Jump - Bloomberg

Dubai-based Majid Al Futtaim Holding LLC plans to grow its residential real estate business as the property and retail conglomerate taps a boom in the city’s housing market.

“Our property business had a strong year. Not just on the malls side, but our portfolio of property has become diversified and balanced,” Chief Executive Officer Ahmed Galal Ismail said in an interview with Bloomberg TV. “For the first time, almost one third of revenue in our property business came from the residential and communities business. That may increase to almost 50% of revenue on our property side next year.”

Ismail, who recently took over as CEO after running the the group’s property unit since 2018, was speaking after the group reported higher full-year revenue following a regional boom in tourism bolstered footfall at its malls, hotels and entertainment venues. Demand for Dubai property is also growing as the government’s handling of the pandemic and its liberal visa policies attract more foreign buyers.

Still, net profit slipped 2% to 2.4 billion dirhams ($653 million) due to higher inflation and currency fluctuations in several of the group’s markets.