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Majid Al Futtaim, the owner of retail and lifestyle properties including Dubai’s Mall of the Emirates, is moving ahead with plans to open its biggest mall ever, as vaccine rollouts and the region’s faster than predicted recovery spurs optimism, AP reports.
Last year, the Emirati group saw revenues drop 7 percent to $8.9 billion in 2020 and earnings decline by 19 percent to around $1 billion on the back of lockdowns.
But CEO Alain Bejjani predicts that the company, which counts the United Arab Emirates, Saudi Arabia and Egypt as its top markets, will see its financials return to pre-pandemic levels by the end of 2022. Majid Al Futtaim is already developing its biggest mall undertaking, which will be located in Riyadh, and will also unveil Oman’s largest mall by the end of the year.
