Dubai’s Majid Al Futtaim Retail Business Hurt By Gaza War - Bloomberg
One of Dubai’s largest family conglomerates said its retail division, which operates the Carrefour brand in the Middle East, has taken a hit amid currency crises in countries like Egypt and a boycott movement linked to the Israel-Hamas war.
Majid Al Futtaim Holding LLC said its full-year revenue from its retail sector dropped to 24.7 billion dirhams ($6.7 billion), a 4% decline year-on-year on a restated basis and its earnings before interest and tax declined by 15% to 1.1 billion dirhams, according to its 2023 fiscal year earnings report.
The company cited “currency devaluations in Egypt, Pakistan, Kenya, and Lebanon, and a shift in consumer sentiment related to geopolitical tensions in the region.”
Western brands like French supermarket chain Carrefour, which last year entered Israel via a local partnership, have appeared on the list of the Palestinian-led Boycott, Divestment, Sanctions movement, which calls for broad economic and cultural boycotts of Israel and Israeli settlements in the West Bank.
Majid Al Futtaim says it owns the rights to operate the Carrefour brand in several countries across the Middle East, Africa, and Asia. It also invests in properties and entertainment including shopping malls, according to its website.
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