Majid Al Futtaim Ventures considers entering new markets


November 2, 2015 | By RetailME Bureau

Dubai-based Majid Al Futtaim Ventures plans to seek acquisitions, boost its investments and double its revenues over the next five years as it considers entering East Africa, Pakistan and possibly Iran.

Majid Al Futtaim Ventures runs all the leisure, entertainment and cinema facilities at Majid Al Futtaim malls and third-party malls around the region. It also represents fashion brands, and is responsible for the consumer finance and healthcare business of the group.

“We are accelerating our capital investment programme, but we always leave spare capacity within our funding to look at acquisition opportunities,” says Ahmed Ismail, chief executive, MAF Ventures. “Despite the fact that you see a lot of economic challenges and headwinds around us here in the region, we remain firmly focused on the long-term.”

“I think potentially we are looking at Pakistan and East Africa entry at the same time in the coming 12-to-18 months if we can find the right opportunities and are able to execute them. We are most likely going to lead in with our cinema business, and the reason for that is the fact that the cinema business has a more strategic focus on growing the next-horizon markets,” he reveals.

Majid Al Futtaim Retail, which operates Carrefour stores across 13 countries in the Middle East, Central Asia and North Africa, plans to open a store in Nairobi.

“We believe there will be a longer runway for growth beyond the next five years in the next-horizon markets for us and we are starting to plant seeds for future growth. The strategic logic for us is very simple. Our market share is relatively high in the GCC. Although these markets continue to grow, they are fundamentally limited in terms of size,” Ismail explains.

Further Majid Al Futtaim Ventures is planning to boost investments by 30% to Dh1 billion next year compared with this year as it prepares to open Ski Egypt – the first indoor ski slope in Africa – and other projects around the region.

Majid Al Futtaim Ventures revenue rose 21% to Dh609 million in the first half of this year compared with the year-earlier period and the unit expects to at least maintain revenue growth of 20% as it boosts its investments.

“Our objective is to maintain and accelerate that rate of growth next year and over the next five years. Doubling in size in five years will require a compound annual growth rate in excess of 20%. The investment programme is geared towards achieving these long-term targets,” Ismail concludes.

Comments

comments

Previous Article Next Article

SHARE

YOU MAY ALSO LIKE /


A new branch of Waitrose comes up in Abu Dhabi’s Khalifa City

British grocer Waitrose has opened its newest store in Abu Dhabi’s Khalifa 

Continue Reading

January 25, 2023 | By RetailME Bureau
Its Netherlands Food Week at Al Maya Supermarkets

UAE-based Al Maya Supermarkets has kicked off its ‘Netherlands Food Week’ that 

Continue Reading

January 20, 2023 | By RetailME Bureau
Tesco announces price lock to support consumers amid inflation (PC: Andrew Parsons / Parsons Media)

British grocery retail chain Tesco has announced a price lock on over 

Continue Reading

January 13, 2023 | By RetailME Bureau
Union Coop renews ISO certification

Dubai-based grocery retailer Union Coop has successfully obtained the ISO 22301, an 

Continue Reading

January 12, 2023 | By RetailME Bureau
Spanish supermarket chain Mercadona announces salary increase amid inflation (PC: Mercadona)

Spanish omnichannel supermarket chain Mercadona has announced salary increase amid inflation that 

Continue Reading

January 3, 2023 | By RetailME Bureau
Choithrams partners with Rove Hotels to open 8 new outlets

Grocery retail chain Choithrams will open eight convenience stores across Rove Hotels’ 

Continue Reading

December 30, 2022 | By RetailME Bureau
Géant to open more than 20 stores in the UAE in 2023

Part of regional retail conglomerate GMG, Géant plans to open more than 

Continue Reading

December 23, 2022 | By RetailME Bureau
FMCG online sales growing by 68% in UAE and 58% in KSA

Online share in FMCG sales has been growing all over the world, 

Continue Reading

December 19, 2022 | By RetailME Bureau
Majid Al Futtaim Retail, Standard Chartered launch region’s first Sustainable Supply Chain Finance Programme

Majid Al Futtaim Retail, operator of the Carrefour franchise in the Middle 

Continue Reading

December 15, 2022 | By RetailME Bureau
GMG and Silal partner to support 1,100 UAE farms access local retail market

UAE-based diversified conglomerate GMG and Silal have signed a memorandum of understanding 

Continue Reading

December 12, 2022 | By RetailME Bureau
Lulu Group partners with Amazon expanding grocery offerings to online customers in the UAE

Abu Dhabi based grocery retail chain Lulu Group has partnered with Amazon 

Continue Reading

November 24, 2022 | By RetailME Bureau
Food Tech Valley partners with Tradeling to boost UAE’s food ecosystem

UAE-government-led initiative Food Tech Valley – announced in 2021 by His Highness 

Continue Reading

November 17, 2022 | By RetailME Bureau




f
Download Images RetailME Magazine